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– Jeffrey Halley, OANDA (based on Reuters)
Pair's Outlook
The yellow metal surged at the start of Thursday's trading session, as the commodity price almost reached the 1,180 mark. The day's surge was a continuation of the jump started by the end of Wednesday's trading session. The move higher is caused by weakness in the US Dollar, rather than the strength of the yellow metal. As the bullion will continue to surge, it is set to face resistance at the 1,179.94 level, where the weekly R2 is located at. However, for now it might retreat for a short while before continuing the surge.
Traders' Sentiment
SWFX traders remain long on the yellow metal, as 57% of open positions were long on Thursday. In the meantime, trader set up pending commands remained unchanged, as 69% of trader set up orders were to buy gold.
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