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XAU/USD tumbled for the first time in five days

© Dukascopy Bank SA
"Gold is awaiting the payroll data for indications of Fed intentions at the September FOMC meeting. So the market may move sideways until the numbers are released." 
- HSBC (based on Reuters)

Pair's Outlook 
The precious metal failed to sustain the rally on Wednesday, as the price declined for the first time in five working days. Despite that, gold is still trading above a strong demand zone at 1,131-26 represented by the monthly pivot point, 2014 low, 20-day SMA and 55-day SMA. While bears are still estimated to take control of the market in the mid-term, they risk losing momentum while remaining above the mentioned cluster of supports. Therefore, gains are still possible in the near term as bulls are aiming at recent high of 1,147.   

Traders' Sentiment 
SWFX sentiment with respect to gold edged closer to the equilibrium for the first time in almost three months, as bulls and bears are currently holding 51% and 49% of all open positions, respectively.  
© Dukascopy Bank SA


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