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"In the short term, the mood is still bearish though we might trade in a tight range until the jobs data on Friday."
- a commodities trader in Hong Kong (based on CNBC)
Pair's Outlook
Despite strong Gold price's fluctuations on Tuesday, the metal registered only a marginal daily change. All in all, the bullion was capped by resistance at 1,207 (weekly PP) and closed around 1,203 at the end of yesterday's trading session. Taking into consideration fairly bearish technical indicators on a daily chart, the closest resistance should be strong enough to give bears impetus for future attempts to push the metal lower. Therefore, the short term outlook tends to remain pessimistic, with the closest target at 1,195 (weekly S1).
Traders' Sentiment
Sentiment toward the precious metal is remaining optimistic among SWFX traders, even though a total share of bullish positions (55%, +2% since yesterday) is not as high as several days before.
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