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Technical Analysis
Daily Technical Analysis for Majors by Dukascopy
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[QUOTE="Anastasia DC, post: 114853, member: 37587"] [B]Gold loses upon Dollar gain[/B] [IMG]https://i.gyazo.com/721061f641c3a4bea2ac8082f3b434aa.png[/IMG] [I]"Gold dropped to its lowest in 5-1/2 months and was set for a second weekly decline, dragged down as the U.S. dollar soared." – Reuters [/I] [B]Pair's Outlook [/B] Gold extended its weakness on Monday morning following a break below the hourly channel on Thursday. Currently floating around the 1,208.00 mark, the commodity could extend the losses to 1200,77 but is unlikely to slip below. A daily surge is also not out of the picture, as the pair could retrace from the broken trend-line around 1221,80. This is also consistent with the rate being on the fifth wave in the hourly chart. In the unlikely case of a break below the 1200,00 mark, which is strengthened by May lows, the risk will shift to 1193,54 and 1184,24 after that. [B]Traders' Sentiment [/B] Traders remain slightly bullish, as 54% of open positions were long on Thursday. As optimistic sentiment continues to rise on gold (up from 53%), traders confirm the trend placing 56% of pending orders long. [IMG]https://i.gyazo.com/ae8a7e99e722e5e5f8047049ba2f78b2.png[/IMG] [/QUOTE]
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