© Dukascopy Bank SA
The interim bullish trend, which started a couple of days ago, has failed to continue, as today the XAU/USD exchange rate experienced a slight bearish reaction. As for now the price is slowly approaching the weekly PP at 1694, which is expected to bring some bullish impulse. In case it is breached, then the exchange rate is very likely to reach the lower Bollinger band at 1677, which in turn is expected to reverse the prevailing movement downwards. Additionally, the overall indicator outlook is negative, therefore supporting the current tendency.
Traders' sentiment
SWFX market participants expect gold to gain value against the U.S.Dollar, as 69% of traders hold bullish positions and only 31% of traders hold bearish positions. The distribution of orders as well shows strong uptrend expectations, as 76% of traders ordered to buy and only 24% ordered to sell gold.
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