© Dukascopy Bank SA
Today the XAU/USD exchange rate experienced a slight bullish correction, which managed to stop the interim downtrend. As for now, the exchange rate is slowly approaching the weekly PP at 1728, which might bring some bearish impetus. In case it fails to slow down the rally, then the price is very likely to reach the 55-day SMA at 1736, which in turn will probably stop the prevailing movement upwards. Moreover, the overall indicator outlook is neutral, and it is not expected to change in the nearest future.
Traders' sentiment
SWFX market participants maintain optimism regarding the XAU/USD exchange rate, since 74% of traders hold long positions and 26% of traders hold short positions. The situation with orders is very similar, as 78% of traders ordered to buy and 22% ordered to sell gold.
© Dukascopy Bank SA