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The interim uptrend, which started a couple of days ago, has successfully managed to continue, as today the XAU/USD exchange rate experienced another consequent movement upwards. As for now, the price is slowly approaching the weekly R1 at 1732, which might bring some bearish momentum, however, if it is breached, then the exchange rate will probably reach the 55-day SMA at 1739, which in turn is expected to reverse the current uptrend. In addition, RSI indicator shows a neutral signal, as well as the overall indicator outlook remains neutral.
Traders' sentiment
SWFX market participants expect the uptrend to continue, as 59% of traders hold long positions and 41% of traders hold short positions. The distribution of orders spots high uptrend expectations, since 83% of traders ordered to buy and only 17% ordered to sell gold.
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