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- Hubert Moolman (based on investing.com)
Pair's Outlook
The yellow metal surged on Tuesday from 1,353.69 to 1,362.77, and the metal was volatile between the support level provided by the monthly PP at 1,345.31 and the first weekly resistance at 1,366.07. The resistance made the commodity move lower at the end of day's trading session, and gold continues to struggle with it on Wednesday, as the metal was trading at 1,364.47 by 5:15 GMT. Daily aggregate technical indicators forecast a surge for the commodity today, due to that it is most likely that gold will soon break the resistance.
Traders' Sentiment
SWFX traders have increased their bearish stance on the pair, as 55% of open positions were short on Wednesday morning. In the meantime, pending orders were 58% long.
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