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"The story's simple yet powerful enough to inject a bearish trend for gold."
- OCBC Bank (based on CNBC)
Pair's Outlook
Gold finished the second consecutive trading week without any noticeable price changes. The metal continues hovering just beneath the 1,100 round level, even though there is still room for further losses. The closest supply is currently represented by the long-term downtrend line, which coincides with the weekly R1 at 1,105 and is followed by a bunch of resistances around 1,113 (monthly PP, 20-day SMA, weekly R2). On the other hand, the only important support is the recent low at 1,080, which is going to be the main target for bears in the short-term.
Traders' Sentiment
Positive sentiment with respect to the precious metal is hovering around the 70% mark. The portion of long open positions was down one percentage point over the weekend, by decreasing from 73% to 72%.
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