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    XAU/USD tests 2013 low for first time since March

    © Dukascopy Bank SA
    "The prospect for a less than hawkish change to the FOMC statement would likely remove some of the near-term pressure that has been baked into the gold price."
    - HSBC (based on The Economic Times)

    Pair's Outlook
    Being strongly influenced by downward-sloping 55 and 20-day SMAs, the yellow metal slumped significantly during last trading session of the previous week. Weakness of Gold allowed bears to push the bullion through monthly PP and 2013 low at 1,183 and 1,180, respectively. The price has only been stopped by the lower Bollinger band at 1,175, which is also fuelling the bullion with some bullish momentum on Monday. In the short-term, we may observe some bullishness in the form of recovery; however, the longer-term outlook for Gold remains bearish. 

    Traders' Sentiment
    Bulls have a substantial advantage over bears at the SWFX market, as they are holding 73% of all opened trades in the morning on Monday, down one percentage point during past 72 hours.  

    © Dukascopy Bank SA

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