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"Gold will benefit from the Fed's decision to postpone its rate hike and the bar for gold's support level looks to be raised from here."
- Phillip Futures (based on WBP Online)
Pair's Outlook
Yesterday, the bullion registered no substantial price movements. The key resistance zone remains in place around 1,210. This cluster of supply levels is represented by 100 and 200-day SMAs, weekly PP and monthly R1. The near-term outlook will stay bearish, unless Gold penetrates all of the mentioned resistances, which seems to be possible from the point of view of strongly positive daily technical indicators. Nevertheless, bears are currently focusing on driving the XAU/USD cross down to the monthly PP at 1,194.
Traders' Sentiment
Advantage of bulls over bears at the SWFX market is remaining extremely small, while the gap between them amounts to just four percentage points at the moment. The total share of bulls stays at 52% versus 48% for bears.
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