© Dukascopy Bank SA
Today the XAU/USD exchange rate experienced a slight bearish reaction, and at the particular moment the price is about to test the monthly PP at 1746. If it is breached, then the exchange rate is very likely to reach the lower Bollinger band at 1728, which in turn is expected to change the direction of the prevailing movement downwards. In addition, RSI indicator still shows a neutral signal, as well as the overall indicator outlook remains neutral, therefore no significant tendency reversals are expected in the nearest future.
Traders' sentiment
SWFX market participants expect that gold will gain value against the U.S.Dollar, since 74% of traders hold long positions and only 26% of traders hold short positions. and only 26% of traders hold short positions. The distribution of orders is quite similar, as 78% of traders ordered to buy and only 22% ordered to sell gold.
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