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– Jamie Saettele (based on Daily FX)
Pair's Outlook
The yellow metal did not manage to upkeep its surge on Friday, as the yellow metal bounced off the weekly R1 at 1,351.70 and moved to 1,349.50 by 5:30 GMT. Although, the metal had already found support in the monthly PP at 1.345.31 before 5:30 GMT, and daily aggregate indicators forecast a surge for it during today's trading session. Taking into account those facts, it is most likely, that the metal will soon resume to move northwards.
Traders' Sentiment
Traders are slightly bearish on the metal, as 52% of open positions are short. In the meantime, pending orders to buy have increased by 3% and are at 58%, compared to yesterday's 55%.
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