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Gold Analysis: Finds New Support

‘The U.S. dollar was also hurt by weak data on New York state area manufacturing.’ – Rodrigo Campos, Reuters

Pair’s Outlook

Although on Tuesday morning the yellow metal’s price was lower than the scored heights during Monday’s trading session, the bullion continued to score gains. Moreover, on the hourly chart a new development was giving a positive signal for the commodity price. The 100-day SMA had begun to provide support rather than resistance to the commodity. It is most likely that the bullion will reach for the next resistance level, as the weekly R1 is located at the 1,239.37 level. However, the developments of the price search afterwards is unclear for now.

Traders’ Sentiment

Traders are bullish in regard to the bullion, as 52% of open positions are long. In addition, 61% of trader set up orders are to buy.

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Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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