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The downtrend, which started a couple of days ago, successfully managed to continue, and today the XAU/USD exchange rate experienced another consequent bearish reaction. As for now, the exchange rate confronts the lower Bollinger band at 1734, which is expected to reverse the current movement downwards. If it fails to stop the downtrend, then next support at 1719 (55-day SMA) will probably bring some bullish impetus. Besides, the overall indicator outlook is neutral, therefore no significant trend reversals are expected in the nearest future.
Traders' sentiment
SWFX market participants expect that gold will gain value against the U.S.Dollar, as 71% of traders hold long positions and only 29% of traders hold short positions. The distribution of orders is rather similar, since 72% of traders ordered to buy and only 28% ordered to sell gold.
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