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Today the XAU/USD exchange rate experienced another bullish correction, therefore supporting the interim bullish tendency. At the particular moment the price is heading towards the weekly R1 at 1795, which might bring some bullish impulse. If it fails to stop the uptrend, then next resistance at 1807 (upper Bollinger band) will probably reverse the prevailing bullish trend. Additionally, RSI indicator remains neutral, however, the overall indicator outlook is positive, and current supports are at 1764, 1756 and 1734, and they seem to be safe for now.
Traders' sentiment
SWFX market participants are optimistic regarding the XAU/USD exchange rate, as 74% of traders hold long positions and only 26% hold short positions. The situation with orders is very similar, since almost 81% of traders ordered to buy and only 19% ordered to sell gold.
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