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– Faraday Research (based on investing.com)
Pair's Outlook
On Wednesday morning the yellow metal regained Tuesday's losses, as the bullion surged back above the 1,135 level. Due to the fact that the US Dollar strengthened in the meantime, reasons for this move initially seem unclear. However, by investigating further it was revealed that the jump might have been caused by the fact that the Russian Central Bank has released information that it has been heavily increasing its gold reserves. Meanwhile, the medium term downtrend still persists, and the commodity price is still set to fall.
Traders' Sentiment
Trader sentiment remains unchanged, as 61% of open positions remain long. Meanwhile, 58% of trader set up orders were set up to buy the metal.
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