© Dukascopy Bank SA
- Clif Droke (based on investing.com)
Pair's Outlook
The yellow metal gained strength on Wednesday, as it surged from 1,310.21 to 1,319.06 by the end of day's trading session. At the start of Thursday, the bullion declined to 1,315.60 by 5:15 GMT. The metal has been slowly but steadily losing value this week, as the risk on sentiment returns in the aftermath of the British referendum on EU membership or Brexit, which turned out to indicate that a majority of UK voters want to leave the EU, and it made traders dump European currencies and surge to safe investments like gold.
Traders' Sentiment
SWFX traders have not changed their sentiment since yesterday at all, as 53% of open positions are still short, and pending orders in the 100-pip range are still 70% long.
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