XAUUSD–Retail forex traders have bought aggressively into Gold weakness against the US Dollar (ticker: USDOLLAR), and a contrarian reading of popular sentiment warns that further XAUUSD weakness is likely.
Trade Implications – XAUUSD: Our technical forecast for Gold prices shows that support near the $1625 remains critical, and current sentiment suggests that a breakdown should be sold.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link.
New to FX markets? Learn more in our video trading guide.
Contact David via
Twitter at http://www.twitter.com/DRodriguezFX
Facebook at http://www.Facebook.com/DRodriguezFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.