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    XAU/USD supported by lower Bollinger band

    © Dukascopy Bank SA
    "We are seeing some beginning-of-the-month buying for gold which is pushing up prices slightly today."
    - a precious metals trader in Hong Kong (based on CNBC)

    Pair's Outlook
    After falling back below the 2013 low in the evening on Monday, the bullion decided to continue hovering beneath this level the next day as well. XAU/USD attempted to slump toward lower Bollinger band, but was eventually stopped by this demand at 1,165. The short-term outlook is mainly neutral, as suggested by daily and weekly technical indicators, which are pointing sideways at the moment. Any moves are likely to be subdued, but US employment data later this week may still have a substantial impact on the metal's development. 

    Traders' Sentiment
    The total share of long open trades at the SWFX market experienced no major changes from yesterday and it still remains solid at 70%, while bears are in the well-pronounced minority with just 30% of all trades. Bullish sentiment on the market decreased one additional percentage point in the past 24 hours.

    © Dukascopy Bank SA

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