XAU/USD confronts weekly S1 at 1703

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Outlook
Today the XAU/USD exchange rate experienced another bearish reaction, therefore supporting the interim downtrend, which started more then two weeks ago. As for now, the exchange rate confronts the weekly S1 at 1703, which might slow down the prevailing bearish tendency. In case it is breached, then the price is very likely to reach the lower Bollinger band at 1681, which in turn will probably change the direction of the prevailing movement. Additionally, RSI indicator still shows a neutral signal, as well as the overall indicator outlook has changed from negative to neutral.

Traders' sentiment
Traders at SWFX market expect that gold will gain value against the U.S.Dollar, since 72% of traders hold bullish positions and only 28% of traders hold bearish positions. The distribution of orders also shows strong uptrend expectations, as 77% of traders ordered to buy and only 23% ordered to sell gold.
© Dukascopy Bank SA

Actual Topics

Subscribe to "Fundamental Analysis" feed

Souscrire
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.