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Today the XAU/USD exchange rate experienced a small movement upwards, and now the price is gradually approaching the weekly R1 at 1705, which might bring some bearish momentum. In case the uptrend is strong enough to break it, then the exchange rate might reach the upper Bollinger band at 1722, which in turn is very likely to reverse the prevailing bullish tendency. Nevertheless, RSI indicator has entered the over-bought area and now shows a sell signal, therefore supporting the potential trend reversal in the nearest future.
Traders' sentiment
Traders at SWFX market anticipate that the XAU/USD exchange rate will follow bullish trend in the future, as 61% of traders hold long positions and only 39% of traders hold short positions. The situation shows strong bullish tendency expectations, since 81% of traders ordered to buy and only 19% ordered to sell gold.