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The bullish correction, which started yesterday, successfully managed to continue, as today the XAU/USD exchange rate experienced another bullish advance. As for now, the price is heading towards the 20-day SMA at 1731, which might slow down the current rally. In case it is breached, the the exchange rate will probably reach the 55-day SMA at 1740, which in turn is very likely to bring some bearish momentum. Additionally, RSI indicator still shows a neutral signal, although the overall indicator outlook remains bearish.
Traders' sentiment
SWFX market participants expect that gold will appreciate against the U.S. Dollar, as 72% of traders hold long positions and only 28% of traders hold short positions. The distribution of orders is quite similar, since 77% of traders ordered to buy and 23% ordered to sell gold.
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