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The interim bullish trend has ended, and today the XAU/USD exchange rate experienced a small bearish reaction, which at the particular moment is moving towards the monthly R2 at 1764, which is likely to bring some bullish impulse. In case is fails to slow down the downtrend, then next support at 1734 (weekly S1) will probably change the direction of the present movement downwards. In addition, RSI indicator now shows a sell signal, but the overall indicator outlook is still neutral.
Traders' sentiment
SWFX market participants anticipate that gold will gain value against the U.S. Dollar, as 70% of traders hold long positions and only 30% of traders hold short positions. The distribution of orders also spots high bullish trend expectations, since 80% of traders ordered to buy and only 20% ordered to sell gold.
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