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Outlook
The significant bearish reaction, which occurred yesterday, has successfully managed to continue, as today the XAU/USD exchange rate experienced another consequent movement downwards, and now the price is gradually heading towards the weekly S1 at 1683, which might slow down the bearish trend, however, if it is breached, then the exchange rate will probably decline until the lower Bollinger band at 1673, which in turn is expected to reverse the prevailing downtrend. In addition, the overall indicator outlook is negative, therefore supporting the current bearish tendency.
Traders' sentiment
SWFX market participants expect that gold will gain value against the U.S. Dollar, since 65% of traders hold long positions and only 35% of traders hold short positions. As for the orders, the majority of them (82%) are to buy and only 18% are to sell gold.
Traders' sentiment
SWFX market participants expect that gold will gain value against the U.S. Dollar, since 65% of traders hold long positions and only 35% of traders hold short positions. As for the orders, the majority of them (82%) are to buy and only 18% are to sell gold.
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