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The bearish movement, which started three days ago, managed to continue, and today the XAU/USD exchange rate experienced another consequent bearish reaction. At the particular moment the price is gradually approaching the 20-day SMA at 1771, which might bring some bullish impulse. If it is breached, then next resistance at 1762 (weekly S1) will probably stop the current movement downwards. Additionally, RSI indicator shows a neutral signal, but the overall indicator outlook is bullish, therefore a supporting the potential tendency change in the nearest future.
Traders' sentiment
SWFX market participants anticipate that gold will gain value against the U.S.Dollar, since 67% of traders hold bullish positions and only 33% of traders hold bearish positions. The distribution of orders shows even higher uptrend expectations, as 77% of traders ordered to buy and only 23% ordered to sell gold.
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