© Dukascopy Bank SA
The interim downtrend, which started three days ago, has successfully managed to continue, as today the XAU/USD exchange rate experienced another consequent movement downwards, therefore supporting the current tendency. As for now, the price is facing the 20-day SMA at 1713, which might bring some bullish impetus, however, if it is breached, then the exchange rate will probably reach the lower Bollinger band at 1689, which in turn is expected to reverse the direction of the prevailing movement downwards. Additionally, the overall indicator outlook has changed to neutral, and it is expected to remain unchanged in the nearest future.
Traders' sentiment
Traders at SWFX market have slight uptrend expectations, as 58% of traders hold bullish positions and 42% of traders hold bearish positions. The distributions of orders, however, spots very high bullish trend expectations, since almost 83% of traders ordered to buy and only 17% ordered to sell gold.
© Dukascopy Bank SA