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– Sunshine Profits (based on investing.com)
Pair's Outlook
The yellow metal marked its second consecutive session of losses on Tuesday, as it fell from 1,355.19 at the start of day's trading to 1,331.66 at the end of Tuesday's trading. In addition, this fall went right through the support provided by the weekly S1 at 1,342.44. However, on Wednesday morning, the bullion has surged a little bit on Wednesday morning, as the metal started the session at 1,332.70, and it has slowly moved towards 1,337.14 mark by 5:00 GMT. In addition, daily aggregate technical indicators forecast a surge for the bullion for today.
Traders' Sentiment
Traders have decreased their bearish sentiment on Wednesday, as 59% of SWFX traders are short on the yellow metal, compared to 65% on Tuesday. In the meantime, pending orders in the 100-pip range are 71% long.
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