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The bearish trend, which started a couple of days ago, has failed to continue, as today the XAU/USD exchange rate experienced a slight bullish correction, and now the price is gradually heading towards the 20-day SMA at 1726, which is very likely to stop the uptrend, however, if it is breached, then the exchange rate might reach the 55-day SMA at 1734, which in turn will probably reverse the prevailing bullish tendency. Additionally, the overall indicator outlook is neutral, therefore no significant tendency changes are expected in the upcoming days.
Traders' sentiment
SWFX market participants have slight uptrend expectations, as 61% of traders hold long positions and 39% of traders hold short positions. The distribution of orders shows even stronger uptrend expectations, since 81% of traders ordered to buy and only 19% ordered to sell gold.
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