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"The (Fed's) statement and press conference suggest that monetary policy is likely to be tightened but at a more moderate pace than the FOMC initially anticipated."
- ANZ (based on CNBC)
Pair's Outlook
Following more dovish than expected statement from the US Federal Reserve, Gold increased in price noticeably on Wednesday. The precious metal added around $20 per ounce and crossed the nearest resistance at 1,160 which is represented by the weekly PP. Moreover, the bullion attempted to breach the next supply zone at 1,173 (monthly S1; weekly R1), but failed eventually to accomplish this task. At the moment, markets may expect a bearish correction to take place, taking into account resistance areas at 1,180 and 1,188 that will limit Gold's growth with any attempt to cross them.
Traders' Sentiment
Sentiment toward the precious metal is optimistic among SWFX traders as the total share of bullish positions (74%) has a strong advantage over the bearish ones at the moment.
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