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Today the XAU/USD exchange rate experienced a significant bearish movement, and now the price confronts the lower Bollinger band at 1705, which is expected to reverse the prevailing bearish tendency. In case it is broken, the exchange rate is likely to decline until the weekly S3 at 1687, which will probably stop the current downtrend. Additionally, the overall indicator outlook is positive, therefore a tendency change could be expected in the upcoming days.
Traders' sentiment
SWFX market participants expect that gold will gain value against the U.S.Dollar, as 66% of traders hold long positions and 34% of traders hold short positions. The distribution of orders shows even higher uptrend expectations, since 85% of traders ordered to buy and 15% ordered to sell gold.
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