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"While that suggests gold has lost some appeal as a safe-haven asset, more importantly it signifies the loss of interest in gold as an investment vehicle."
- Phillip Futures (based on CNBC)
Pair's Outlook
XAU/USD was provided with bullish impetus in the early morning trading on Monday; however, gains were somewhat erased later during the day and gold slipped back below the 1,171 mark (weekly PP). There are no formidable supports until 1,157, where the lower Bollinger band coincides with the previous week's low. This level is extremely likely to become the medium-term target for bears. However, any following downward moves should be capped by the monthly/weekly S1 at 1,154.
Traders' Sentiment
The share of long open positions at the SWFX market has been flat during the past 24 hours, as it remains solid at 66%, while bears are in the minority with just 34% of all trades.
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