© Dukascopy Bank SA
The interim uptrend has failed to prevail, as today the XAU/USD exchange rate experienced a slight movement downwards, and at the particular moment the exchange rate is slowly approaching the 55-day SMA at 1737, which is very likely to stop the current bearish tendency, however, if it fails to slow down the downtrend, then the price might reach the 20-day SMA at 1724, which in turn is expected to change the direction of the prevailing trend. Additionally, the overall indicator outlook remains positive, therefore supporting the potential tendency change in the nearest future.
Traders' sentiment
SWFX market participants have mixed feelings regarding the XAU/USD exchange rate, since 59% of traders hold long positions and 41% of traders hold short positions. The distribution of orders shows very strong uptrend expectations, as 85% of traders ordered to buy and 15% ordered to sell gold.
© Dukascopy Bank SA