Gold Prices Could Test $1250, but What Might Get in the Way?
Trade Implications – Gold: Retail forex traders have aggressively bought into recent XAUUSD weakness, and a contrarian reading on crowd sentiment leaves us in favor of further declines. The one caveat to our bearish Gold forecast is that the US Dollar looks at risk at these levels—particularly if it breaks to fresh multi-month lows versus the Euro and Japanese Yen. The next move seems pivotal.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.