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"I expect the minutes to confirm that the Fed will remain dovish in the near future, with a cautious outlook along the lines of the U.S. economy is not ready for a rate hike soon."
- Phillip Futures (based on CNBC)
Pair's Outlook
On Tuesday, the bullion remained broadly unchanged in its price for the second consecutive day. Three strong technical levels, which consist of 100-day SMA, 55-day SMA and weekly R1 continued to hold Gold from any significant movements. At the moment the yellow metal is hovering just below the first of these mentioned lines at 1,210. Therefore, probability of a slump is higher than likelihood of an advance, and the precious metal may head towards weekly PP at 1,196 in the next two days, as there are no supports to encourage bulls for purchases until that mark.
Traders' Sentiment
Sentiment towards the precious metal is optimistic among SWFX traders as the total share of bullish positions (66%, +1% from Tuesday) has a strong advantage over the bearish ones at the moment.
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