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"Strong NFPs may send gold falling sharply and swiftly, possibly to $1,180, followed by a slight dead cat bounce. Any number above 250,000 would likely have this effect."
- Phillip Futures (based on CNBC)
Pair's Outlook
For a fourth consecutive day, a daily change in price of Gold does not exceed two important technical levels which are keeping the bullion in a narrow trading range. Among them, the weekly PP is located at 1,207 and weekly S1 is placed around 1,195. Yesterday, the metal managed to close below the 1,200 round level; however, bears lacked momentum to proceed with crossing the nearest support. Meanwhile, technical studies on a weekly time-frame see Gold gaining value; therefore, a drop significantly below 1,190-1,195 area is unlikely at the moment.
Traders' Sentiment
Sentiment toward the precious metal is remaining optimistic among SWFX traders, even though a total share of bullish positions (54%, -1% from yesterday) is not as high as several days before.
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