© Dukascopy Bank SA
Today the XAU/USD exchange rate experienced another bearish reaction, therefore supporting the interim downtrend, which started more then two weeks ago. As for now, the exchange rate confronts the weekly S1 at 1703, which might slow down the prevailing bearish tendency. In case it is breached, then the price is very likely to reach the lower Bollinger band at 1681, which in turn will probably change the direction of the prevailing movement. Additionally, RSI indicator still shows a neutral signal, as well as the overall indicator outlook has changed from negative to neutral.
Traders' sentiment
Traders at SWFX market expect that gold will gain value against the U.S.Dollar, since 72% of traders hold bullish positions and only 28% of traders hold bearish positions. The distribution of orders also shows strong uptrend expectations, as 77% of traders ordered to buy and only 23% ordered to sell gold.
© Dukascopy Bank SA