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Pair's Outlook
The yellow metal managed to break through the resistance put up by the weekly PP at 1,340.78 and surged to 1,345 mark in the early Tuesday morning. Previously, on Monday gold had reached above the weekly PP and retreated. The metal now faces the monthly PP, which is located at 1,345.31. Taking into account the facts that the bullion for a short moment passed the resistance and the forecast of a surge indicated by the daily aggregate technical indicators, it is most likely that gold will continue to surge during today's trading session.
Traders' Sentiment
SWFX traders marked the fifth consecutive session of unchanged bearishness on Tuesday morning, as 58% of open positions were short. In the meantime, pending orders were neutral.
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