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– Swati Verma (Based on Reuters)
Pair's Outlook
Gold opened green on Tuesday, eyeing the weekly R1 at 1,165.12 with some more risk at 1,168.25, the upper trend-line of the ascending channel. We will look for the pattern to hold for around one and a half weeks, when it will have served its purpose and led XAU/USD to the upper trend-line of the senior channel down. Support lies at 1,153.74/31and could as well come into play today, in case the pair requires a more complete wave to the bottom boundary at 1,145.23. Signals at the support area will serve as an indicator on whether the downwave is complete and short-term demand will go on to guide the pair north.
Traders' Sentiment
Traders remain long on the bullion, as 58% of open positions are bullish. In the meantime, trader set up buy orders have increased from 66% to 69%.
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