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    Gold inches higher in silent trading

    © Dukascopy Bank SA
    "A lot of traders are trying to anticipate a 'no rate hike' scenario, causing a bit of an increase in gold."
    - Phillip Futures (based on CNBC)

    Pair's Outlook
    Monday has been a broadly calm day for global markets and the safe-haven metal booked somewhat muted volatility readings. Alongside, trading volume decreased to the lowest level in three working days. Notwithstanding current silence, the broad outlook for gold remains optimistic for the moment. XAU/USD is hovering above the weekly pivot point (1,251) and is expected to pick up in the direction of the first weekly resistance (1,287) soon. To expose the 2015 high at 1,307 the bullion should surge above the monthly R1 placed at 1,295. 

    Traders' Sentiment
    Bullish share in the SWFX market advanced to 43% by Tuesday morning, while yesterday the same reading stood at 41%. Despite that, it proclaims that the market is still favouring a correction to the downside in the great majority of all cases.

    © Dukascopy Bank SA

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