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    Gold stops the surge on Tuesday

    © Dukascopy Bank SA
    "The yellow metal is being buoyed by the persistent uncertainty surrounding the Brexit vote, as well as underlying global growth and price risks."  
    - based on usagold.com 


    Pair's Outlook
    The bullion stopped its four consecutive trading session surge on Tuesday, as the metal dropped from the previous day closing height of 1,350.80 on Monday. At the moment, gold is trading at 1,342 by 5:45 GMT. The main reason for such drop is that amidst yesterday's trading sessions volatility the yellow metal touched the resistance put up by the weekly R1 at 1,354.84. If the metal continues its downward movement, it is likely to move lower to the weekly pivot point at 1,330.15. However, daily aggregate technical indicators forecast a surge for the bullion today. 

    Traders' Sentiment 
    SWFX traders are still bearish on the metal, as 58% of open positions are short, which is by one percent more than yesterday. In the meantime, pending orders in the 100-pip range are 66% long.
    © Dukascopy Bank SA

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