© Dukascopy Bank SA
Today the XAU/USD exchange rate experienced a small bullish correction, and now the price confronts the weekly PP at 1714, which is very likely to bring some bearish impetus. In case it is breached, then the exchange rate will probably reach the 20-day SMA at 1733, which in turn might stop the current movement upwards. Additionally, the overall indicator outlook is negative, therefore supporting the potential trend reversal in the nearest future.
Traders' sentiment
Traders at SWFX market expect gold to gain value against the U.S.Dollar, since 75% of traders hold long positions and only 25% of traders hold short positions. The distribution of orders as well shows strong bullish trend expectations, as 79% of traders ordered to buy and 21% ordered to sell gold.
© Dukascopy Bank SA