© Dukascopy Bank SA
The uptrend, which started yesterday, successfully managed to continue, and today the XAU/USD exchange rate experienced a significant bullish advance, which has already managed to overcome the upper Bollinger band at 1733, ad now the price is gradually heading towards the weekly R3 at 1752, which might slow down the uptrend. In case it is broken, then the exchange rate is likely to advance even further until the monthly R2 at 1764, which is expected to bring some bearish momentum. Additionally, the overall indicator outlook is positive, thus supporting the prevailing bullish tendency.
Traders' sentiment
SWFX market participants are optimistic regarding the XAU/USD exchange rate, as 74% of traders hold bullish positions and only 26% of traders hold bearish positions. The distribution of orders is quite similar, since more than 82% of traders ordered to buy and only almost 18% ordered to sell gold.
© Dukascopy Bank SA