© Dukascopy Bank SA
Today the XAU/USD exchange rate experienced a slight bullish correction, and at the particular moment the exchange rate is gradually approaching the weekly R1 at 1735, which is very likely to slow down the uptrend, however, if it fails to stop the bullish tendency, then the price will probably reach the 55-day SMA at 1742, which in turn is expected to reverse the current movement upwards. Additionally, RSI indicator shows a neutral signal, as well as the overall indicator outlook remains neutral.
Traders' sentiment
SWFX market participants have slight uptrend expectations, since 61% of traders hold long positions and 39% of traders hold short positions. The distribution of orders shows even stronger uptrend expectations, as 83% of traders ordered to buy and only 17% ordered to sell gold.
© Dukascopy Bank SA