© Dukascopy Bank SA
Yesterday's bullish advance successfully managed to continue, and today the XAU/USD exchange rate experiences another small bullish correction. As for now the price confronts the upper Bollinger band at 1777, which is expected to reverse the prevailing tendency upwards, however, if is fails to slow down the uptrend, then next resistance at 1813 (weekly R3) is likely to bring some bearish impulse. Additionally, the indicator outlook remains neutral, therefore no significant trend reversals are expected in the nearest future.
Traders' sentiment
Traders at SWFX market anticipate that the prevailing bullish trend will continue, as almost 75% of traders hold bullish positions and only 25% of traders hold bearish positions. The orders are distributed in a similar manner, since almost 87% of traders ordered to buy and only 13% ordered to sell gold, therefore expecting a strong bullish tendency in the nearest future.
© Dukascopy Bank SA