© Dukascopy Bank SA
The interim uptrend, which started a week ago, has failed to continue, as today the XAU/USD exchange rate experienced a slight bearish reaction, and at the particular moment the price is slowly moving towards the 20-day SMA at 1712, which will probably stop the current downtrend, however, if it is breached, then the exchange rate might drop until the weekly PP at 1694, which in turn is likely to bring some bullish impulse. Additionally, the overall indicator outlook is negative, therefore supporting the prevailing bearish movement.
Traders' sentiment
SWFX market participants have slight uptrend expectations, since 62% of traders hold long positions and 38% of traders hold short positions. The distribution of orders, however, shows very strong uptrend expectations, as 85% of traders ordered to buy and only 15% ordered to sell gold.
© Dukascopy Bank SA