Daily Forex Technicals |
Written by Dukascopy Swiss FX Group |
Nov 03 16 10:14 GMT
‘Even bad data won’t change the idea of a rate hike as the Fed has shown that there is a high probability for a rate hike in December.’ – Jian Shu, Shandong Gold Group (based on Reuters)
Pair’s Outlook
The yellow metal surge on Thursday morning, as it managed to break the resistance of the weekly R2 at 1,296.73 and the 55-day SMA at 1,300.38. However, previously during Wednesday’s trading session the rate had reached almost the 1,310 mark, as it stopped at 1,308 and reversed its movement until it ended the day’s trading at 1,295.60. Due to politics dictating the strength of the underlying US Dollar, it is most likely that the metal will continue to surge, as the intrigues of the US presidential election seem to just start to unfold.
Traders’ Sentiment
SWFX traders are almost neutral, as 51% of open positions are short. Meanwhile, trader set up orders are long, as 63% of pending commands are set up to buy.
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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 Stops Just Below 1,310
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