© Dukascopy Bank SA
Today the XAU/USD exchange rate experienced another consequent bearish decline, therefore supporting the interim bearish trend. As for now, the exchange rate is about to test the lower Bollinger band at 1703, which is expected to change the direction of the prevailing downtrend. In case it is broken, then the price might reach the weekly S1 at 1690, which in turn will probably bring some bullish impulse. Additionally, the overall indicator outlook is still negative, therefore supporting the bearish tendency.
Traders' sentiment
Traders at SWFX market are optimistic about the XAU/USD exchange rate, as 71% of traders hold long positions and 29% of traders hold short positions. The situation with orders is very similar, since 79% of traders ordered to buy and 21% ordered to sell gold.
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