© Dukascopy Bank SA
The bearish tendency, which started a few days ago, did not manage to continue, and today the XAU/USD exchange rate experienced a bullish correction, and as for now the price confronts the monthly R2 at 1764, which will probably slow down the prevailing uptrend. In case it is broken, then the price is very likely to reach the weekly R1, which in turn might stop the current movement upwards. In addition, the overall indicator outlook is neutral, therefore no significant trend reversals are expected in the nearest future.
Traders' sentiment
SWFX market participants maintain optimism regarding the XAU/USD exchange rate, since more than 74% of traders hold long positions and 26% of traders hold short positions. The orders are distributed in a similar manner, as 75% of traders ordered to buy and 25% ordered to sell gold.
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