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- Graceland Investment Management (based on investing.com)
Pair's Outlook
The yellow metal found support in the first weekly support level at 1,315.33 on Wednesday morning, and afterwards the bullion slightly rebounded to trade around 1,320. Previously, on Tuesday the metal was squeezed in between pivot points respectively at 1,326.43 and 1,333.94, as gold awaited for fundamental data to make a move. That came with comments from various representatives from the Federal Reserve. The Fed might continue to impact the metal, however, from a technical viewpoint the metal has confirmed once more a trend line, which means that this the expected larger rebound.
Traders' Sentiment
Trader open positions remain almost neutral, as 49% of them are short on Wednesday. In the meantime, pending commands are largely bullish, as 68% of them are to buy.
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