Gold Prices Likely to Fall Further
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Gold–Retail forex traders remain steadily long Gold prices, giving us a contrarian bias in favor of further XAUUSD declines.
Trade Implications – Gold: Last week we noted that Gold price weakness off of key resistance warned of weakness. And indeed, price continues to consolidate below important highs while retail sentiment leaves us favor of a test of the lows.
--- 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.