- Australia & New Zealand Banking Group Ltd. (based on Bloomberg)
The bullion spent another trading session in a positive way, as the bulls were strong enough to push prices above 1,075 yesterday. As a result, the two-month downtrend line was crossed and now we are focusing on the next at 1,084. This one is considered to be much more important, as we are dealing with 55-day , upper , weekly R2 and monthly R1. To violate this , the traders are likely to require a boost from fundamentals. Today the US ADP employment is due, and a negative surprise will provide gold with an opportunity to rally.
Following a loss of two percentage points on Tuesday, the total number of SWFX positions stabilised near 54% by Wednesday morning.