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The bullish correction, which started a couple of days ago, has failed to continue, and today the XAU/USD exchange rate experienced a slight bearish reaction. As for now, the exchange rate is gradually heading towards the lower Bollinger band at 1748, which will probably change the direction of the current movement. If it is breached, then the price is likely to reach the weekly S3 at 1730, which in turn might bring some bullish impulse. Moreover, the overall indicator outlook has changed from neutral to bullish, therefore a trend reversal should be expected in the nearest future.
Traders' sentiment
SWFX market participants expect that gold will gain value against the U.S.Dollar, as 65% of traders hold long positions and only 35% of traders hold short positions. The distribution of orders shows even stronger uptrend expectations, since 73% of traders ordered to buy and only 27% ordered to sell gold.
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