© Dukascopy Bank SA
The bullish trend, which started two days ago, failed to advance further, and today the XAU/USD exchange rate experienced a slight bearish reaction, which has already managed to breach the weekly PP at 1769, and at the particular moment the price is about to test the weekly S1 at 1751, which might bring some bullish impulse. In case it fails to slow down the prevailing tendency, then the price might reach the 20-day SMA at 1740, which in turn is likely to change the direction of the current movement downwards.
Traders' sentiment
Traders at SWFX market remain optimistic regarding the XAU/USD exchange rate, since 70% of traders hold long positions and only 30% of traders hold short positions. The orders are distributed in a similar manner, as 71% of traders ordered to buy and only 29% ordered to sell gold.
© Dukascopy Bank SA