© Dukascopy Bank SA
The bearish tendency, which started two days ago, has failed to continue, as today the XAU/USD exchange rate experienced a slight bullish movement, therefore supporting the interim uptrend. As for now, the exchange rate is gradually heading towards the 55-day SMA at 1743, which will probably stop the prevailing tendency. If it fails to slow down the uptrend, the the price might reach the upper Bollinger band at 1753, which in turn is expected to reverse the current movement upwards. Additionally, the overall indicator outlook is bearish, therefore supporting the potential tendency change in the nearest future.
Traders' sentiment
SWFX market participants have slight uptrend expectations, since 58% of traders hold long positions and 42% of traders hold short positions. The distribution of orders, however, spots high uptrend expectations, as 81% of traders ordered to buy and only 19% ordered to sell gold.
© Dukascopy Bank SA