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– IG Asia Pte. (based on Bloomberg)
Pair's Outlook
After slightly surging for the past two trading sessions the yellow metal had slightly depreciated on Tuesday morning. The metal struggles to score gains, as the 200-day SMA is just above it, with the metal around 1,257 level and the SMA around 1,261. Although, the bullion might go either way by the end of the day, as in the case of a breakthrough the metal will face an open way up to the level of 1,272, where the weekly PP and monthly S2 are located at. Secondly, the metal might move lower, if it passes the 1,250 psychological level.
Traders' Sentiment
Trader sentiment remains unchanged, as 56% of them have open long positions. In the meantime, set up orders are 61% to buy the metal.
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