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– Nallur Sethuraman, Reuters
Pair's Outlook
The yellow metal traded below the second weekly resistance, which is located at 1,179.94, on Friday morning. Previously, on Thursday the bullion scored major gains, as it jumped and even reached the 1,184.64 mark during the day's trading session. However, at that point the first monthly resistance level is located at, which stopped the surge and forced the commodity price lower. The bounce off was consistent with the short term ascending channel, in which the metal has been since the start of January.
Traders' Sentiment
SWFX trader remain bullish, as 56% of open positions were long. Meanwhile, 68% of trader set up orders were to buy the bullion.
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