© Dukascopy Bank SA
- Ayai Tomisawa (Based on Reuters)
Pair's Outlook
Following unexpected gains on Monday, Gold jumped out of the month-long pattern once again, proving it to become irrelevant for future movements. XAU/USD maintained largely the same distance from the senior downtrend and is now attempting what looks like another attempt at touching it. The broken channel boundary will put up a battle at 1,158.06, but any upside potential is likely to be cut by 1,167.76/1,169.10 – the weekly Pivot Point strengthened by the recent support turned resistance.
Traders' Sentiment
Positive sentiment shows that Gold is bought in 62% of all cases, up from 60% the six consecutive sessions before, while pending commands have added 6% to show 68% of long positions outstanding.
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