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"There is very little prospect of a significant gold upside unless we see another financial crisis."
- BMO Capital Markets (based on Bloomberg)
Pair's Outlook
Gold registered a rather strong downside movement on last day of the previous week. The bullion lost more than ten US dollars to hover around $1,190 at the end of the session. At the moment the metal is well supported by the weekly pivot point and 20-day SMA just below the current level of trading. However, taking into account bearish technical studies on the weekly time-frame, we predict the Gold to breach this demand area in the medium-term.
Traders' Sentiment
During last 24 hours, market sentiment on Gold versus the Greenback improved further for the second consecutive trading day. At the moment as many as 61% of all SWFX traders suggest the metal will gain value, while on Thursday this scenario was expected by 58% of market participants.
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