© Dukascopy Bank SA
The uptrend, which started three days ago, successfully managed to continue, as today the XAU/USD exchange rate experienced another bullish advance, and the price at the particular moment is gradually approaching the monthly R1 at 1806, which might bring some bearish impulse. In case it fails to slow down the uptrend, then the exchange rate is likely to reach the weekly R3 at 1833, which in turn will probably reverse the current movement upwards. Moreover, the overall indicator outlook is neutral, and present supports are at 1782, 1768 and 1746, and they seem to be safe for now.
Traders' sentiment
Traders at SWFX market have slight bearish trend expectations, since 45% of traders hold long positions and 55% of traders hold short positions. In contrast, the situation with orders clearly spots that traders anticipate the uptrend to prevail, as 77% of traders ordered to buy and only 23% ordered to sell gold.
© Dukascopy Bank SA