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    Gold struggles around 1,280 level on Monday

    © Dukascopy Bank SA
    "We took a deep dive into our gold indicators, and basically found out that all our indicators are flashing red. That is very odd, and certainly not in line with Friday's bullish gold price action." 
    - Investing Heaven (based on Investing.com) 


    Pair's Outlook 
    After suffering losses on Thursday, the yellow metal regained losses and it even gained additional value on Friday, as gold reached the 1,297.48 level at the end of day's trading session. However, on Monday morning, the bullion is losing value against the US Dollar, as the metal is at the 1,281.50 mark, and it is struggling on its downward movement with the support provided by the first monthly resistance at 1,278.62. In the meantime, aggregate daily technical indicators predict a surge for gold, and in such case it would have to break the resistance provided by the weekly PP at 1,295.14. 

    Traders' Sentiment 
    SWFX traders are still majorly bearish, as 67% of all open positions are bearish. However, it is a 3% move to the bullish side, as on Friday 70% of open positions were bearish.
    © Dukascopy Bank SA

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