Gold Prices Poised to Fall Even Further
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Gold – Retail forex traders are their most aggressively net-long gold since the precious metal tumbled in April, and a contrarian view of crowd sentiment leaves us in favor of further weakness.
Trade Implications – Gold: Technical studies suggest that Gold could fall towards 2010 lows near $1157 through the foreseeable future. Indeed, as long as crowds continue buying into declines we’ll remain in favor of further weakness.
--- 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.