"Jan 19 Gold prices were down on Thursday on a strong dollar after Federal Reserve Chair Janet Yellen advocated lifting U.S. interest rates gradually."
– Michael Perry (Based on Reuters)
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Pair's Outlook
The daily chart shows Gold being on a retracement of the broken upper boundary of the senior channel down pattern. The pair has additionally broken the junior channel that had to break about a week ago. Ground is set at 1,191.73, because with more risk at 1,184.64/1,181.87, where losses are ultimately to be cut. Resistance lies at 1,198.77 and then 1,211.87 with risk more to the downside rather than above, meaning that the 1,184.64/1,181.87 area is the most appropriate target for today. -
Traders' sentiment
Traders remain slightly bullish regarding the bullion, as 53% of open SWFX trader positions are long on Thursday. Meanwhile, 57% of trader set up orders are to buy the metal.
Interested in GOLD technicals? Check out the key levels
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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