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The uptrend, which started two days ago, managed to continue, and today the XAU/USD exchange rate experienced another slight bullish correction. AT the particular moment the exchange rate is about to test the 20-day SMA at 1729, which might slow down the current rally. In case it is breached, then the price is very likely to reach the 55-day SMA at 1741, which in turn will probably bring some bearish impetus. Moreover, RSI indicator shows a neutral signal, although the overall indicator outlook remains negative.
Traders' sentiment
Traders at SWFX market are optimistic regarding the XAU/USD exchange rate, since 73% of traders hold bullish positions and only 27% of traders hold bearish positions. The situation with orders as well shows strong uptrend expectations, as almost 78% of traders ordered to buy and only 22% ordered to sell gold.
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