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Today the XAU/USD exchange rate experienced another bullish advance, and at the particular moment the price confronts the upper Bollinger band at 1790, which is very likely to stop the prevailing movement upwards. In case it fails to slow down the uptrend, then the exchange rate might reach the monthly R1 at 1806, which in turn might bring some bearish impulse. Nevertheless, RSI indicator shows a neutral signal, although the overall indicator outlook is positive.
Traders' sentiment
SWFX market participants are optimistic regarding the XAU/USD exchange rate, as 69% of traders hold long positions and only 31% of traders hold short positions. The situation with orders is quite similar, since 78% of traders ordered to buy and 22% ordered to sell gold.
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