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The movement downwards, which started yesterday, has failed to continue, as today the XAU/USD exchange rate experienced a significant movement upwards. As for now the price confronts the weekly R2 at 1753, which might slow down the rally, however, if it is broken, then the exchange rate will probably reach the upper Bollinger band at 1761, which in turn is very likely to reverse the prevailing bullish tendency. Additionally, RSI indicator shows a neutral signal, although the overall indicator outlook has changed from bearish to bullish, therefore supporting the current trend.
Traders' sentiment
SWFX market participants anticipate that gold will gain value against the U.S.Dollar, as 59% of traders hold long positions and 41% of traders hold short positions. The distribution of orders spots even higher bullish trend expectations, since almost 84% of traders ordered to buy and only 16% ordered to sell gold.
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