© Dukascopy Bank SA
Yesterday's bullish correction failed to continue, as today the XAU/USD exchange rate experienced a significant bearish reaction, which at the particular moment is gradually approaching the weekly S1 at 1683, which might bring some bullish impulse. In case it is breached, then the price might decline until the lower Bollinger band at 1675, which in turn will probably change the direction of the current bearish trend. Moreover, the overall indicator outlook is negative, therefore supporting the prevailing movement downwards.
Traders' sentiment
SWFX market participants are optimistic about the XAU/USD exchange rate, since 66% of traders hold bullish positions and only 34% of traders hold bearish positions. The situation with orders as well shows some uptrend expectations, as 80% of traders ordered to buy and only 20% ordered to sell gold.
© Dukascopy Bank SA