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    Gold surges to 1,249 on Tuesday

    © Dukascopy Bank SA
    "That's [Janet Yellen dropping her 'coming months' promise] good news for gold, which has recently been under downward pressure due to Yellen's hawkish stance and the elevated odds of an interest rate hike in June or July." 
    - Sunshine Profits (based on Investing.com) 

    Pair's Outlook 
    The bullion broke the resistance put up by 55-day simple moving average at 1,244.60 and booked gains on Tuesday. The yellow metal started day's trading at 1,243.85 and touched the 1,249.15 level. At the moment, gold is trading at 1,248.34 against the US Dollar. In the meantime, the metal faces no resistance up to the level of 1,259.11, where the weekly R1 is located. On the other hand, the bullion might fall and reach the monthly PP at 1,239.18. In addition, the aggregate technical indicators support a downward move, as they forecast a fall for gold today. 

    Traders' Sentiment 
    SWFX traders have shifted their positions and have become slightly bearish with 51% of open positions being short.
    © Dukascopy Bank SA

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