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Gold – Retail 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
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