© Dukascopy Bank SA
The downtrend, which started yesterday, successfully managed to continue, as today the XAU/USD exchange rate experienced another movement downwards. As for now, the price is heading towards the monthly PP at 1746, which might bring some bullish impulse. If it fails to stop the movement downwards, then the exchange rate might reach the 55-day SMA at 1726, which in turn is very likely to reverse the current tendency. In addition, RSI indicator shows a neutral signal, although the overall indicator outlook has changed to negative.
Traders' sentiment
Traders at SWFX market expect gold to gain value against the U.S.Dollar, as 73% of traders hold long positions and only 27% of traders hold short positions. The situation with orders is very similar, since 76% of traders ordered to buy and only 24% ordered to sell gold.
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