The sentiment for XAU/USD, as indicated by the real-time forex trading accounts, is currently bearish. This is evidenced by the majority of traders being net-short the pair, which is a departure from their previous net-long positions since July 19, 2024, when XAU/USD traded near 2,400.621. This suggests that the prevailing sentiment among traders is to sell rather than buy, which could be indicative of a bearish market sentiment.
The bearish sentiment is further reinforced by the recent performance of the gold market. Despite some follow-through selling in the US Dollar, gold prices have been unable to sustain gains, with recent price movements indicating a mild positive bias2. Additionally, the technical indicators for XAU/USD show buyers adding long positions cautiously, with the pair holding above relevant support levels but facing resistance from the 20 Simple Moving Average (SMA) and higher time frame moving averages2. This suggests that while there is some bullish sentiment, it is being tempered by the overall bearish market conditions.
In conclusion, the current sentiment for XAU/USD is bearish, with traders predominantly taking short positions. This is consistent with the recent performance of the gold market and the technical indicators, which suggest a lack of strong buying momentum.
9/7/2024 02:26pm
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