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– Wang Tao, Reuters
Pair's Outlook
The yellow metal surged on Monday morning, as the bullion approached the newly calculated weekly PP at 1,140.81. Previously, on Friday gold rebounded and surged after falling for the previous week. That occurred due to the fact that the metal reached a combined support level of a medium and long term lower trend lines at 1,127 on Thursday. It is most likely that the metal will fail to break the resistance put up by the weekly PP and remain unchanged on a daily timeframe. In addition, the newly calculated aggregate weekly technical indicators forecast also no changes on a weekly timeframe.
Traders' Sentiment
Traders remain long on the metal, as 62% of open positions remain bullish. Meanwhile, 57% of trader set up orders were to buy the metal.
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