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"To be sure, the minutes are a bit stale given that the meeting took place before the April employment and retail sales reports. In this respect, Fed Chair Yellen's Friday speech on the US economic outlook may be a better gauge of how the Fed views the latest data."
- Deutsche Bank (based on WBP Online)
Pair's Outlook
On Wednesday, the yellow metal attempted to trade further down after major losses a day before. However, the bullion was stopped by immediate support at 1,203, which is represented by the 20-day SMA. This line reversed Gold back towards the weekly PP at 1,209. A confident confirmation below 1,194 (monthly PP) is needed in order to confirm the medium-term bearish expectations. On the other hand, an advance back above the cluster of resistances around 1,215 should energise bulls for additional purchases of the precious metal.
Traders' Sentiment
Advantage of bulls over bears at the SWFX market decreased significantly this week, while the gap between them amounts to just two percentage points at the moment. The total share of bulls stays at 51% versus 49% for bears.
© Dukascopy Bank SA