XAU/USD heading towards weekly PP at 1.27

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Outlook
The bullish correction, which started yesterday, did not manage to continue, as today the XAU/USD exchange rate experienced a small bearish reaction. At particular moment the price is heading towards the weekly PP at 1727, which will probably bring some bullish impulse. However, if it is breached, then next support at 1700 (weekly S1) is expected to stop the prevailing downtrend. Additionally, the overall indicator outlook remains neutral, and current resistances are at 1750, 1764 and 1777, and they seem to be safe for now.
Traders' sentiment
SWFX market participants expect gold to gain value against the greenback, as 74% of traders hold long positions and only 26% hold short positions. The situation with orders is exactly the same, since exactly 74% of traders ordered to buy and only 26% ordered to sell gold.
© Dukascopy Bank SA
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Actual Topics

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