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– Reuters
Pair's Outlook
In the early hours of Monday's trading session the bullion surged to the 1,215 mark. The reason for that is that the yellow metal continued its Friday's surge. The metal is about to face a resistance cluster made up of the 38.20% Fibonacci retracement level at 1,219.20, monthly R2 at 1,218.96 and the weekly R1 at 1,220.32. Due to the strength of this cluster it is most unlikely that the bullion will manage to break above the 1,220 mark without a push from the fundamental side. In the meantime, the only support the yellow metal has is the weekly PP at 1,208.09.
Traders' Sentiment
Traders have not changed their opinion on Monday, compared to Friday. 52% of SWFX open gold positions remain long, and 61% of trader set up orders are still set up to buy the bullion.
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