© Dukascopy Bank SA
The bullish correction, which occurred yesterday, has successfully managed to continue, as today the XAU/USD exchange rate experienced another slight movement upwards. At the particular moment the price is slowly approaching the 55-day SMA at 1738, which might slow down the uptrend, however, if it is breached, then the exchange rate will probably reach the upper Bollinger band, which in turn is expected to reverse the prevailing bullish tendency. Moreover, the overall indicator outlook is neutral, and it is not expected to change in the nearest future.
Traders' sentiment
Traders at SWFX market regained optimism about the XAU/USD exchange rate, as 61% of traders hold bullish positions and 39% of traders hold bearish positions. The situation with orders shows strong uptrend expectations, since 83% of traders ordered to buy and only 17% ordered to sell gold.
© Dukascopy Bank SA