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– Dominic Schnider, UBS Wealth Management (based on Reuters)
Pair's Outlook
As forecasted before, the yellow metal surged back up to the resistance cluster, which surrounds the 1,220 mark, and bounced off it. The recent movements have forced analysts to adjust the medium term forecasts, as the latest sessions have revealed the true location of the lower trend line of the medium term ascending channel pattern. In accordance with the pattern the bullion is set to remain below the 1,220 level until January 26, when the lower trend line of the pattern is set to force the commodity price higher.
Traders' Sentiment
SWFX trader open positions remain unchanged for the third consecutive session, as 52% of open positions are long. Meanwhile, 58% of trader set up orders are to buy the bullion.
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