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"We could see some upside in (gold) prices if the Fed chooses to not raise rates."
- a trader in Hong Kong (based on Reuters)
Pair's Outlook
Neutral expectations for gold are currently being confirmed by the real price development. On Tuesday the bullion reflected Friday's move by showing a minor bounce back from the weekly pivot point at 1,110. However, neither bulls nor bears have any stronger influence on the precious metal at the moment. Neutral outlook is retained for Wednesday, the first day of the Fed meeting. Some increased turbulence is expected only by Thursday evening, while daily and weekly technical indicators are giving signals to acquire gold.
Traders' Sentiment
SWFX positive sentiment with respect to gold declined by two percentage points in the 24 past hours as the share of longs fell from 59% to 57%.
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