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The bearish tendency, which started a couple of days ago, successfully managed to continue, as today the XAU/USD exchange rate experienced another significant bearish reaction. As for now, the price confronts the 20-day SMA at 1747, which might bring some bullish impulse, however, if it fails to slow down the movement downwards, then next support at 1734 (weekly S2) will probably reverse the prevailing bearish trend.
Traders' sentiment
Traders at SWFX market are optimistic regarding the XAU/USD exchange rate, as 74% of traders hold long positions and 26% of traders hold short positions. The orders are distributed in a rather similar manner, since 75% of traders ordered to buy and 25% ordered to sell gold.
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