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- Stifel (based on CNBC)
Pair's Outlook
After skyrocketing, as a safe investment, on UK referendum on European Union membership results, gold continued to surge on Monday. However, the yellow metal has changed its direction on Tuesday, as it declined from the levels around 1,325 to 1,315. The decline in the bullions value is most likely due to the aftermath of the Brexit shock, as market participants are starting to calm down and return to riskier investments. However, aggregate daily technical indicators forecast a surge for the metal for today.
Traders' Sentiment
SWFX traders have increased their long position count by 3%, as 46% of all open positions are long on Tuesday morning. In the meantime, pending orders in the 100-pip range are 71% short.
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