© Dukascopy Bank SA
The bearish reaction, which occurred yesterday, failed to continue, as today the XAU/USD exchange rate experienced another bullish correction, and the price at the particular moment is gradually approaching the upper Bollinger band at 1800, which might stop the prevailing uptrend. In case it fails to slow down the rally, then next resistance at 1817 (weekly R2) will probably bring some bearish impetus. In addition, the overall indicator outlook is positive, therefore supporting the prevailing bullish tendency.
Traders' sentiment
Traders at SWFX market expect that the prevailing bullish trend will continue, since 75% of traders hold long positions and only 25% of traders hold short positions. The situation with orders also supports the prevailing movement upwards, as more than 84% of traders ordered to buy and only 16% of traders ordered to sell gold.
© Dukascopy Bank SA