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Gold reaches 1,350 level on Monday

© Dukascopy Bank SA
"Gold broke out last week on Brexit while Silver waited a week to join the party. The miners, meanwhile cleared 2014 resistance on Friday. There were breakouts across the board in the precious metals space."
– based on thedailygold.com 


Pair's Outlook 
The yellow metal marks its fourth consecutive session of gains, as the metal reached the 1,350 level on Monday. However, the main surge happened Friday, as the commodity started the day's session at 1,322.13 and ended day's trading at 1,340.20. On Monday morning gold continued its rally and touched the first weekly resistance at 1,354.84. At the moment, the metal has retreated to the level of 1,345, as the weekly R1 managed to push the bullion back.

Traders' Sentiment 
SWFX traders have increased their bearish sentiment from 47% the past three trading sessions to 57% on Monday. In the meantime, pending orders in the 100-pip range are 28% short.
© Dukascopy Bank SA


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