XAU/USD drops below weekly S1 at 1762

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Outlook
The downtrend, which started almost a week ago, successfully managed to continue, as today the XAU/USD exchange rate experienced another movement downwards, and now the price is moving towards the lower Bollinger band at 1748, which is expected to reverse the current tendency. If it is broken, then the exchange rate is likely to reach the weekly S3 at 1730, which will probably stop the prevailing bearish trend. Additionally, RSI indicator still is neutral, but the overall indicator outlook remains positive.

Traders' sentiment
Traders at SWFX market are optimistic regarding the XAU/USD exchange rate, since 59% of traders hold long positions and 41% of traders hold short positions. The situation with orders spots strong bullish tendency expectations, as 77% of traders ordered to buy and only 23% ordered to sell gold.
© Dukascopy Bank SA
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