Daily Forex Technicals |
Written by Dukascopy Swiss FX Group |
Nov 18 16 09:39 GMT
‘Gold dropped to its lowest in 5-1/2 months and was set for a second weekly decline, dragged down as the U.S. dollar soared.’ – Reuters
Pair’s Outlook
Gold extended its weakness on Monday morning following a break below the hourly channel on Thursday. Currently floating around the 1,208.00 mark, the commodity could extend the losses to 1200,77 but is unlikely to slip below. A daily surge is also not out of the picture, as the pair could retrace from the broken trend-line around 1221,80. This is also consistent with the rate being on the fifth wave in the hourly chart. In the unlikely case of a break below the 1200,00 mark, which is strengthened by May lows, the risk will shift to 1193,54 and 1184,24 after that.
Traders’ Sentiment
Traders remain slightly bullish, as 54% of open positions were long on Thursday. As optimistic sentiment continues to rise on gold (up from 53%), traders confirm the trend placing 56% of pending orders long.
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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 Loses Upon Dollar Gain
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