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– James Stanley, Currency Analyst at Daily FX (based on Daily FX)
Pair's Outlook
The yellow metal once more rebounded and scored minor gains on Thursday morning. Previously, the metal failed to break through the resistance cluster above it, as the weekly R1 turns out to be the strongest level of significance of the cluster, and it stopped the bullion for a second time this week. However, the yellow metal is very slowly moving higher, as the lower boundary of the fluctuations keep moving upward in accordance with an ascending channel pattern. The metal is set to continue fluctuating below the resistance cluster, which begins around 1,272.
Traders' Sentiment
Traders remain bullish on the metal, as 56% of open positions are long on Thursday. Meanwhile, trader set up orders also remain bullish, as 54% of pending commands are to buy.
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