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The interim bullish trend has failed to continue, as today the XAU/USD exchange rate experienced a slight movement downwards, and now the exchange rate is slowly moving towards the 20-day SMA at 1713, which might bring some bullish impetus. In case it fails to reverse the downtrend, then the price might reach the lower Bollinger band at 1689, which in turn is very likely to reverse the prevailing tendency. Additionally, RSI indicator shows a neutral signal, although the overall indicator outlooks remains bearish.
Traders' sentiment
SWFX market participants expect gold to gain value against the U.S.Dollar, as 63% of traders hold long positions and 37% of traders hold short positions. The distribution of orders spots strong uptrend expectations, since 82% of traders ordered to buy and 18% ordered to sell gold.
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