© Dukascopy Bank SA
Today the XAU/USD exchange rate experienced another small bullish correction, and at the particular moment the price is gradually approaching the upper Bollinger band, which is very likely to stop the prevailing uptrend. If it is breached, then next resistance at 1764 (monthly R2) will probably bring some bearish impetus. In addition, the overall indicator outlook is positive, thus supporting the prevailing movement upwards. On the other hand, present supports are at 1721, 1700 and 1682, and so far there are no signs for them to be breached.
Traders' sentiment
Traders at SWFX market anticipate that the U.S. Dollar will lose value against gold, as 74% of traders hold long positions and only 26% of traders hold short positions. The orders are distributed in a very similar manner, since 72% of traders ordered to buy and only 28% ordered to sell gold.
© Dukascopy Bank SA