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- Trader Moe (based on investing.com)
Pair's Outlook
The yellow metal continues to fluctuate just below the level of 1,365, which it reached on Monday. The fluctuations are caused by the fact, that the metal keeps reaching and bouncing off the first weekly resistance at 1,366.06, which until Friday was also support by the upper Bollinger band. The Bollinger band has moved higher on Friday, as in the past four trading sessions it has moved from 1,364.05 level on early Monday morning to 1,371.58 by 5:15 GMT on Friday. It is most likely, that the commodity will be stuck at this level until next week.
Traders' Sentiment
Traders are short on the metal, as 56% of open positions were short on Friday morning. However, pending commands were 73% long, which indicates at the SWFX market participants expectations of a surge.
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