© Dukascopy Bank SA
The XAU/USD exchange rate has successfully managed to advance even further, as today the price experienced another bullish correction, and as for now, the exchange rate is gradually heading towards the weekly PP at 1694, which is very likely to bring some bearish impetus. In case it fails to slow down the rally, then the price will probably reach the 20-day SMA at 1714, which in turn might reverse the current movement upwards. Additionally, RSI indicator shows a neutral signal, although the overall indicator outlook is negative, therefore a tendency change might occur in the nearest future.
Traders' sentiment
Traders at SWFX market expect gold to gain value against the U.S.Dollar, since 69% of traders hold long positions and only 31% of traders hold short positions. The situation with orders is quite similar, as 72% of traders ordered to buy and 28% ordered to sell gold.
© Dukascopy Bank SA