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- Clif Droke (based on investing.com)
Pair's Outlook
Although, the market recovered on Tuesday from the Brexit induced shock last week, markets have returned to risk off sentiment on Wednesday, as, in the meantime, the yellow metal met the weekly pivot point at 1,307.95 and began to increase. The bullion started Wednesday's session at 1,310.24, and it has moved to 1,319.42 by 5:30 GMT. If the metal continues its northwards movement, it is bound to meet the monthly R2 at 1,343.10. In addition, daily aggregate technical indicators forecast a surge for the metal today.
Traders' Sentiment
SWFX traders have decreased their bearish sentiment, as 53% of open positions are short on Wednesday. In the meantime, pending orders in the 100-pip range are 70% long.
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