© Dukascopy Bank SA
Today the XAU/USD exchange rate experienced another bullish correction, therefore supporting the interim bullish tendency, and now the price is gradually approaching the weekly R1 at 1794, which might bring some bearish impetus. In case it is breached, then the price might reach the upper Bollinger band at 1803, which in turn is expected to reverse the current movement upwards. Additionally, the overall indicator outlook is bullish, and present supports are at 1764, 1751 and 1734, and they seem to be safe for now.
Traders' sentiment
Traders at SWFX market maintain optimism regarding the XAU/USD exchange rate, as 73% of traders hold long positions and 27% of traders hold short positions. The situation with orders is quite similar, since 71% of traders ordered to buy and only 29% ordered to sell gold.
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