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– Adam Haigh and En Han Choong (Based on Bloomberg)
Pair's Outlook
The Bullion opened green on Tuesday and showed a green candle in the making. The pair could now be entering a flat motion towards the junior bottom boundary at 1,142.87 after the 1,148.87 weekly Pivot Point is battled successfully. XAU/USD is currently squeezed in between the weekly and monthly Pivot Points with the 20-day SMA also in the cluster, meaning that the metal could show little volatility over the trading session. With supply and demand being roughly in balance, the Bullion might as well remain intact for now.
Traders' Sentiment
Traders remain long on the bullion, as 57% of open positions are bullish. In the meantime, trader set up buy orders have decreased from 67% to 66%.
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