- OCBC Bank (based on CNBC)
The has been showing mixed signals for several days in a row. Gold tested the third monthly resistance (1,209) yesterday, but ultimately closed the session below it. By succeeding here, the bulls will be in a position to prolong gains to 1,221 (weekly PP) over the next 24 hours. We cannot rule out the bullion will fail in the vicinity of this supply. An attempt of attacking October high (1,191) is possible, even though daily indicators tend to oppose scenario. Below 1,190 would reassure us a correction is on the table.
We observed the share of open positions bouncing off the lowest level in at least two years. It grew to a third from only 27% about 24 hours ago.