© Dukascopy Bank SA
Yesterday's bearish reaction successfully managed to continue, as today the XAU/USD exchange rate experienced another significant bearish movement, and now the price confronts the lower Bollinger band at 1696, which is expected to change the direction of the prevailing movement downwards, however, if it is breached, then the exchange rate might decline until the weekly S2 at 1678, which in turn will probably bring some bullish impulse. Moreover, the overall indicator outlook is positive, therefore supporting the potential tendency change in the nearest future.
Traders' sentiment
Traders at SWFX market have slight uptrend expectations, since 62% of traders hold bullish positions and 38% of traders hold bearish positions. The situation with orders, shows even stronger bullish tendency expectations, as 84% of traders ordered to buy and only 16% ordered to sell gold.
© Dukascopy Bank SA