© Dukascopy Bank SA
Today the XAU/USD exchange rate experienced a slight bullish correction, and at the particular moment the price faces the weekly R1 at 1784, which will probably bring some bearish impulse. In case it is breached, then next resistance at 1808 (monthly R1) is very likely to change the direction of the current movement upwards. Nevertheless, RSI indicator shows a neutral signal, as well as the overall indicator outlook still remains neutral. On the other hand, present supports are at 1763, 1746 and 1726, and they seem to be safe for now.
Traders' sentiment
SWFX market participants anticipate that old will gain value against the U.S.Dollar, as 65% of traders hold long positions and only 35% hold short positions. The distribution of orders shows even stronger uptrend expectations, since 79% of traders ordered to buy and only 29% ordered to sell gold.
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