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    XAU/USD remains below resistance at 1,173

    © Dukascopy Bank SA
    "The sharp sell-off yesterday in the dollar gave a temporary boost to precious metal prices, but the recovery signals that the dollar rally is far from over. A higher U.S. dollar will be a major negative driver for precious metals going forward."
    - ABN Amro (based on CNBC)

    Pair's Outlook
    XAU/USD cross made the second attempt in two days to breach one of the strongest resistance levels that are located close to current trading levels. However, this supply represented by monthly S1 and weekly R1 at 1,173 rejected the second chance of Gold to grow above it. However, it is likely that the yellow metal will try to accomplish this goal for a third time on Friday. If it fails, then sell-offs are expected to resume and the metal may drop down to 1,160 (weekly PP) in the short-term and 1,145 (weekly S1) by Monday of the next week.

    Traders' Sentiment
    Sentiment towards the precious metal is optimistic among SWFX traders as the total share of bullish positions (70%, -4% since yesterday) has a strong advantage over the bearish ones at the moment.  

    © Dukascopy Bank SA

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