Gold meets resistance at 1,092 as correction is looming
"The selloff in riskier assets is boosting short-term demand for bullion. We think the Fed will continue its moderate approach to increasing interest rates."
- Huatai Great Wall Futures Co. (based on Bloomberg)
Pair's Outlook
The precious metal bounced off a strong 1,084 support cluster yesterday, while nearing the weekly pivot point at 1,092 by the end of Wednesday trading. Such a move was mainly prompted by reversed gains on stock markets across the world. More uncertainty should support gold in the mid-term, as the bulls could try to reclaim the 1,100 psychological mark. This scenario is encouraged by daily technical indicators. Otherwise, however, the bears are still setting eye on 20/55-day SMAs and the monthly R1 at 1,084/79.
Traders' Sentiment
The total number of long open positions in the SWFX market changed marginally yesterday, as it recovered one percentage point from 54% to 55% it had lost one day before.
- Huatai Great Wall Futures Co. (based on Bloomberg)
Pair's Outlook
The precious metal bounced off a strong 1,084 support cluster yesterday, while nearing the weekly pivot point at 1,092 by the end of Wednesday trading. Such a move was mainly prompted by reversed gains on stock markets across the world. More uncertainty should support gold in the mid-term, as the bulls could try to reclaim the 1,100 psychological mark. This scenario is encouraged by daily technical indicators. Otherwise, however, the bears are still setting eye on 20/55-day SMAs and the monthly R1 at 1,084/79.
Traders' Sentiment
The total number of long open positions in the SWFX market changed marginally yesterday, as it recovered one percentage point from 54% to 55% it had lost one day before.
Thông báo miễn trừ trách nhiệm
Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.