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Today the XAU/USD exchange rate experienced a slight bearish reaction, therefore supporting the interim bearish tendency, which started more than a week ago. As for now, the price confronts the 55-day SMA at 1728, which might bring some bullish impulse. In case it is breached, then the exchange rate is very likely to reach the lower Bollinger band at 1720, which in turn will probably stop the prevailing downtrend. Moreover, RSI indicator still shows a neutral signal, however the overall indicator outlook remains bearish.
Traders' sentiment
SWFX market participants anticipate that gold will gain value against the U.S.Dollar, as 74% of traders hold bullish positions and only 26% of traders hold bearish positions. The distribution of orders shows even stronger bullish tendency expectations, since exactly 80% of traders ordered to buy and only 20% ordered to sell gold.
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