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– Steve Saville (based on investing.com)
Pair's Outlook
The yellow metal is trading near the weekly pivot point at 1,340.78 from the upside, as the metal was priced at 1,341.85 by 5:00 GMT on Wednesday. However, the bullion surged previously on Tuesday, as it jumped past the monthly pivot point at 1,345.31 and weekly R1 at 1,351.70 and reached the 1,357.99 level. As gold is once again stuck between the two levels, and taking into account other factors, it is clear that the commodity will surge at least back up to the monthly PP at 1,345.31 during today's trading session.
Traders' Sentiment
SWFX traders are bearish on Wednesday, as 53% of open positions are short. In the meantime, pending orders are 57% long.
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