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    Gold increases gains to 1,265 on Thursday

    © Dukascopy Bank SA
    "Gold ETFs have come back into focus for many investors this year thanks to the soaring price of gold bullion in 2016. Gold is actually up about 20% so far this year which easily trounces broad markets in the time frame, while there has been quite a bit less volatility too."
    - Zacks Investment Research (based on Investing.com) 

    Pair's Outlook 
    Gold continued scoring gains on Thursday, as the US Dollar lost its value. The yellow metal previously had reached the level of 1,260 on Wednesday and it increased its gains to 1,265 on Thursday. At the moment, the metal is trading at 1,264.91, as a decline is observed on Friday morning, which might be profit taking from the recent week of gains. However, the decline faces a weekly R1 at 1,259.11 and if the pair passes the resistance, then it could go low as the monthly pivot point at 1,239.18. In the meantime, aggregate technical indicators support the forecast of a decline for today. 

    Traders' Sentiment 
    SWFX traders have increased the bearish sentiment, which started to set in in the past two days, as 51% of open positions were short. However, today the short position proportion has increased to 53%.
    © Dukascopy Bank SA

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