© Dukascopy Bank SA
Today the XAU/USD exchange rate experienced another consequent movement downwards, and now the price is gradually heading towards the lower Bollinger band at 1690, which is very likely to change the direction of the prevailing tendency, however, if it is breached, then the exchange rate will probably reach the weekly S2 at 1678, which in turn might bring some bullish impetus. Additionally, the overall indicator outlook is neutral, therefore no significant trend changes are expected in the upcoming days.
Traders' sentiment
SWFX market participants expect that gold will gain value against the U.S. Dollar, since 62% of traders hold bullish positions and only 38% of traders hold bearish positions. The situation with orders spots even higher bullish trend expectations, as more than 84% ordered to buy and only 16% ordered to sell gold.
© Dukascopy Bank SA