© Dukascopy Bank SA
Today the XAU/USD exchange rate experienced another bullish correction, therefore supporting the interim uptrend. At the particular moment, the price is heading towards the weekly R1 at 1795, which might slow down the uptrend. In case it fails to stop the movement upwards, then the price might reach the upper Bollinger band at 1806, which will probably bring some bearish impetus. Additionally, RSI indicator shows a neutral signal, although the overall indicator outlook remains positive.
Traders' sentiment
SWFX market participants maintain their optimism regarding the XAU/USD exchange rate, as 72% of traders hold long positions and only 28% of traders hold short positions. The orders are distributed in a similar manner, since 82% of traders ordered to buy and 18% ordered to sell gold.
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