© Dukascopy Bank SA
Today the XAU/USD exchange rate experiences a small bullish advance, and now the price is slowly moving towards the upper Bollinger band at 1753, which is expected to reverse the uptrend. In case it is breached, then the price might advance even further and reach the monthly R2 at 1764, which in turn will probably bring some bearish momentum. Additionally, RSI indicator shows a neutral signal, but the overall indicator outlook is positive, thus supporting the prevailing movement upwards.
Traders' sentiment
SWFX market participants expect the bullish tendency to continue even further, as 72% of traders hold long positions and only 28% of traders hold short positions. The orders are distributed in exactly the same proportion, since exactly 72% of traders ordered to buy and only 28% ordered to sell gold.
© Dukascopy Bank SA