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    Gold to stay above 1,220

    © Dukascopy Bank SA
    "The general economic situation is giving support to the gold market." 
    - a bullion trader in Hong Kong (based on CNBC) 


    Pair's Outlook 
    Gold is gaining more and more ground. Although two days ago the commodity failed to gain a foothold above 1,250 dollars, the outlook remains bullish, even though the monthly indicators are mostly giving ‘sell' signals. The near-term sell-offs should be limited by the recently established up-trend and the weekly pivot point at 1,220/19, while the February maximum is the closest significant resistance. Beyond 1,264, the price should set its eyes on 1,307, the highest trading point of 2015. 

    Traders' Sentiment 
    A little less than three fourths of the SWFX market participants are pessimistic with respect to the precious metal. At the moment, 73% of open positions are short, which is 1 pp lower than the reading recorded 24 hours ago.
    © Dukascopy Bank SA

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