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    XAU/USD bounces back from 100-day SMA

    © Dukascopy Bank SA
    "I think they're going to raise rates once in 2015, if only because they want to prove that they can do it."
    - Bill Gross (based on CNBC)

    Pair's Outlook
    Influenced by mild bearish impetus, created by 100-day SMA and upper Bollinger band, the yellow metal declined in price on Wednesday. However, XAU/USD's losses used to be limited, and the closest demand at 1,200 did not let the bears to extend a drop. The support is currently created by weekly R1, as well as 20 and 55-day SMAs. In case Gold decides to resume its bearish tendency, it will have to close below 1,194 to confirm the near-term negative outlook. On the other hand, a closure above 1,214 will give the metal an opportunity to jump up to 1,222 (200-day SMA). 

    Traders' Sentiment
    Advantage of bulls over bears at the SWFX market is considerable at the moment, as the former are dominating by keeping 74% of all opened positions, up three percentage points from yesterday.  

    © Dukascopy Bank SA

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