Gold Retreats Below 1,250 Level

Daily Forex Technicals |

Written by Dukascopy Swiss FX Group |

Mar 01 17 09:04 GMT

‘There were no new policy announcements there and a lot of it is already built into the U.S. dollar.’ – Jeffrey Halley, OANDA (based on Reuters)

Pair’s Outlook

During the early hours of Wednesday’s trading session the yellow metal was in its third consecutive session of losses, as the bullion’s price retreated below the 1,250 mark and it even had touched the 1,242.42 level. Gold is likely to fall until it reaches the support provided by the uptrend line, which has been pushing the commodity price higher since December 21. On Wednesday the line’s support was located at 1,240.14 level. However, if that support is passed, the metal will face a strong support cluster, which begins at 1,236.39.

Traders’ Sentiment

Traders have not changed their opinion, as 53% of open positions remain long on Wednesday. Meanwhile, 61% of trader set up orders are to buy the bullion.

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Dukascopy Swiss FX Group

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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.