© Dukascopy Bank SA
The interim bearish trend has finally ended, as today the XAU/USD exchange rate experienced a slight bullish correction, and now the price is facing the monthly PP at 1746, which might slow down the movement upwards. In case it is broken, then the exchange rate will probably reach the weekly PP at 1754, which is very likely to bring some bearish impetus. Additionally, RSI indicator still shows a neutral signal, and the overall indicator outlook is neutral, therefore no significant trend reversals are expected in the nearest future.
Traders' sentiment
SWFX market participants are optimistic regarding the XAU/USD exchange rate, as almost 74% of traders hold long positions and only 26% of traders hold short positions. The distribution of orders is very similar, since 68% of traders ordered to buy and only 32% ordered to sell gold.
© Dukascopy Bank SA