Gold Forecast Bullish, but This Factor Limits Our Enthusiasm
Gold–We’re seeing evidence of a major turnaround in the US Dollar versus the Euroand Japanese Yen. Yet the same doesn’t extend to Gold as indecisive price action gives little reason to call for a larger turn.
Trade Implications – Gold: Retail forex traders remain almost exactly neutral Gold prices versus the US Dollar, and our Gold technical forecast remains cautiously bullish as long as the metal remains above $1317. Yet we’ll have to see a more substantive turn in sentiment to have a stronger trading bias through the foreseeable future.
--- 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.
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.