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The bearish decline, which happened yesterday, has failed to continue, as today the XAU/USD exchange rate experienced a slight bullish correction, therefore supporting the interim uptrend. As for now, the price is gradually heading towards the 55-day SMA at 1743, which might bring some bearish impetus, however, if it fails to stop the uptrend, then the exchange rate might reach the upper Bollinger band at 1752, which in turn is very likely to reverse the prevailing movement upwards. Moreover, RSI indicator shows a neutral signal, therefore no significant trend reversals are expected in the nearest future.
Traders' sentiment
Traders at SWFX market maintain optimism about the XAU/USD exchange rate, as 61% of traders hold bullish positions and only 39% of traders hold bearish positions. The distribution of orders shows even stronger uptrend expectations, since almost 84% of traders ordered to buy and only 16% ordered to sell gold.