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The interim downtrend, which started a week ago, has successfully managed to continue, as today the XAU/USD exchange rate experienced another consequent movement downwards, which has already managed to overcome the 20-day SMA at 1712. As for now, the price is gradually heading towards the lower Bollinger band at 1690, which is expected to reverse the prevailing downtrend, however, if it is breached, then the exchange rate might reach the monthly S1 at 1680, which in turn will probably stop the current tendency. Additionally, the overall indicator outlook is neutral, and it is not expected to change in the nearest future.
Traders' sentiment
SWFX market participants have slight uptrend expectations, as 58% of traders hold long positions and 42% of traders hold short positions. The distribution of orders shows strong uptrend expectations, since 82% of traders ordered to buy and only 18% ordered to sell gold.
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