© Dukascopy Bank SA
Today the interim uptrend failed to continue, as the XAU/USD exchange rate experienced a small bearish decline. As for now, the price confronts the upper Bollinger band at 1786, which might bring some bullish impetus. In case it is breached, then the price might reach the weekly R1 at 1779, which in turn will probably slow down the prevailing bearish tendency. In addition, the overall indicator outlook is neutral, and it is not expected to change in the nearest future.
Traders' sentiment
SWFX market participants are optimistic regarding the XAU/USD exchange rate, since 64% of traders hold bullish positions and only 36% of traders hold bearish positions. The situation with orders also shows that traders anticipate the interim uptrend to prevail, as almost 74% of traders ordered to buy and only 26% ordered to sell gold.
© Dukascopy Bank SA