Technical analysis : Gold trades below 1,300

8 years ago - Published by Dukascopy in Commodities, Expert opinion, Finance

Pair's Outlook 
The yellow metal was in a full on retreat on Friday morning, as it had erased all of Thursday's gains. However, the situation seems only temporary, as the metal is still set to surge, as it is indicated by various factors. First of all, the metal has reached the support provided by the weekly R2 at 1,296.73. Secondly, trader set up orders are mostly long. Third is the fact that daily aggregate technical indicators forecast a surge. Last but not least, the US election is not over and the drama will continue.  

Traders' Sentiment
SWFX traders have not changed their mind, as 51% of open positions remain long. Meanwhile, 60% of trader set up orders are to buy.