© Dukascopy Bank SA
The bullish tendency, which started less than a week ago, has successfully managed to continue, as today the XAU/USD exchange rate experienced another consequent movement upwards, and now the price is slowly approaching the monthly PP at 1738, which might bring some bearish momentum. In case it fails to slow down the rally, then the exchange rate is very likely to reach the upper Bollinger band at 1748, which will probably stop the prevailing uptrend. Moreover, RSI indicator shows a neutral signal, although the overall indicator outlook remains bearish.
Traders' sentiment
SWFX market participants are optimistic about the XAU/USD exchange rate, as 68% of traders hold long positions and only 32 % of traders hold short positions. The distribution of orders spots even stronger uptrend expectations, since 82% of traders ordered to buy and only 18% ordered to sell gold.
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