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    XAU/USD gains bearish momentum

    © Dukascopy Bank SA
    "Despite trading at multi-year lows, physical demand has been on the low side with premiums in China and India hardly moving."
    - MKS Group (based on CNBC) 


    Pair's Outlook 
    XAU/USD is under heavy selling pressure at the moment, which should be enough to take the price down to the 2010 low eventually. Once the July 20 and 24 lows are surpassed, there will be no significant barriers to test 1,045, although it should be noted that on Monday we will have new weekly and monthly pivot points. Beyond the 2010 low lies the 2008 high at 1,032. In case of an alternative course of events, namely violation of 1,104/00, this will expose the 2014 low at 1,132. Meanwhile, the technical indicators are mixed, meaning expected depreciation of gold to the target levels may take some time. 

    Traders' Sentiment 
    Traders started to take advantage of falling gold prices. The share of long positions has increased by three percentage points to 73% since the previous report.
    © Dukascopy Bank SA

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