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– Burt Coons (based on investing.com)
Pair's Outlook
The yellow metal surged on Friday, as it went from the level of 1,335.75 at the start of the day's trading session to 1,350.10. On Monday morning the metal was trading at 1,349.62 by 5:30 GMT. The bullion started new week and month above the weekly and monthly pivot points respectively at 1,339.02 and 1,345.31, which indicates at a bullish market sentiment. In addition, gold is not facing any resistance up to the level of 1,366.06, where the weekly R1 is located at.
Traders' Sentiment
SWFX traders have become bearish on the pair, as 52% of open positions are short on Monday, compared to the neutral sentiment on Friday. In the meantime, pending orders in the 100-pip range are 62% long.
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