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- Jerome H. Powell, FOMC
Pair's Outlook
On Wednesday morning the yellow metal traded below the weekly pivot point, which is located at 1,191.86. The bullion began the day by continuing an attempt to break through the resistance put up by the weekly PP. However, it seems highly unlikely that it will manage to score notable gains during today's session, as the general downward trend still persists. It is most likely that the bullion will remain flat by the end of the day, as it is being squeezed in by trend lines from both sides. Such a hypothesis is also confirmed by the calculated daily aggregate technical indicators.
Traders' Sentiment
Traders mark their fourth consecutive session without changes in their sentiment regarding the bullion, as 58% of open positions remain long. Meanwhile, 60% trader set up orders are to buy the metal.
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