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The interim bearish trend failed to continue, as today the XAU/USD exchange rate experienced a significant bullish correction. At the particular moment the price is heading towards the 20-day SMA at 1771, which might stop the current movement upwards. In case it fails to slow down the rally, then the exchange rate is expected to reach the upper Bollinger band, which in turn is very likely to reverse the prevailing uptrend. Additionally, RSI indicator shows a neutral signal, although the overall indicator outlook remains positive.
Traders' sentiment
Traders at SWFX market anticipate that gold will gain value against the U.S.Dollar, since 68% of traders hold long positions and 32% of traders hold short positions. The distribution of orders also shows strong bullish tendency expectations, as 76% of traders ordered to buy and only 24% ordered to sell gold.
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