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    XAU/USD jumps most in three months

    © Dukascopy Bank SA
    "I'm bearish until gold settles at $1,230 ... every time you get up there, there's a major wall of selling that comes into the market."
    - Phoenix Futures and Options (based on CNBC)

    Pair's Outlook
    Waiting for the meeting on the Federal Reserve on Wednesday, Gold has declined noticeably in the beginning of this week. Markets are expecting the Fed to postpone a rate hike due to economy's poor performance in the beginning of the year. From the technical point of view, major support for XAU/USD was created by the 2013 low, which denied the bears' idea of pushing the bullion below 1,180. However, the upper trend-line of April's down-trend remains in place; therefore, a bounce back in the short-term is not completely ruled out. Aggregate daily technical indicators, however, are broadly neutral at the moment. 

    Traders' Sentiment
    Advantage of bulls over bears at the SWFX market is considerable at the moment, as the former are dominating by keeping 73% of all opened positions, no change from yesterday.  

    © Dukascopy Bank SA

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