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Gold Bounces but We See Further Declines in Store

By , Quantitative Strategist
06 February 2014 15:45 GMT
ssi_GOLD_body_Picture_19.png, Gold Bounces but We See Further Declines in Store

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GoldRetail FX traders remain long Gold against the US Dollar, and a contrarian view of crowd sentiment as well as failure at key technical resistance leaves us focused on further weakness.

Trade Implications – Gold: It’s certainly possible that Gold has set a double-bottom in the $1,180-1,200 range. Yet we would need to see a much larger shift in sentiment to call for a major reversal in the precious metal.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

ssi_GOLD_body_Picture_20.png, Gold Bounces but We See Further Declines in Store

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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06 February 2014 15:45 GMT