© Dukascopy Bank SA
Today the XAU/USD exchange rate experienced another consequent significant bullish advance, and now the price confronts the 20-day SMA at 1715, which might bring some bearish momentum, however, in case it fails to stop the uptrend, then the exchange rate will probably reach the 55-day SMA at 1724, which in turn might slow down the bullish tendency. Additionally, the overall indicator outlook is negative, therefore supporting the potential trend reversal in the nearest future.
Traders' sentiment
SWFX market participants are optimistic about the XAU/USD exchange rate, since 67% of traders hold long positions and 33% of traders hold short positions. The distribution of orders shows even stronger bullish tendency expectations, as 77% of traders ordered to buy and only 23% ordered to sell gold.
© Dukascopy Bank SA