Gold May Continue to Outperform Unless this Changes
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Gold – Retail FX traders remain short Gold against the US Dollar for the first time since the metal set an important top near $1430 over six months ago. Our trading bias remains bullish XAUUSD above $1280.
Trade Implications – Gold: One-sided US Dollar positioning suggests that the Greenback may be near an important turning point. Yet outperformance in Gold prices give us pause in calling for a reversal of recent gains. Our bias would change if trading crowds bought into any XAUUSD declines.
--- 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.