Daily Forex Technicals |
Written by Dukascopy Swiss FX Group |
Nov 21 16 09:41 GMT
‘The U.S. dollar climbed on Friday to its highest level since 2003 on continued bets on faster inflation and higher interest rates, while Treasuries resumed a selloff that left yields at their highest levels of the year.’ – based on Reuters
Pair’s Outlook
The yellow metal edged higher on Monday morning, as it approached the resistance put up by the weekly PP at 1,214.32. However, it seemed like a temporary surge, as the US Dollar was poised to continue to gain and with it decrease the commodity price. It is most likely that the metal will fall by the end of the day’s trading session and reach the support cluster located below it around the 1,200 level. The cluster consists of the second monthly support at 1,200.77, May low level at 1,199.58 and the weekly S1 at 1,195.64.
Traders’ Sentiment
Trader sentiment remained unchanged on Monday morning, as 54% of open positions remained long, and trader set up orders remained bullish, namely 56% of them were set up to buy.
About the Author
Legal disclaimer and risk disclosure
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
Gold Near 1,200 Mark On Monday
No comments:
Post a Comment