Gold Prices Remain at Risk for Weakness
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Gold – Retail FX traders remain long gold versus the US Dollar, and a contrarian view of crowd sentiment acts as signal that gold prices may continue to decline. Last week we noted that long positions had actually fallen despite continued Gold price weakness—warning that the pace of declines may slow on sentiment exhaustion. Yet we would have to see a sustained shift before calling for a meaningful price reversal.
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--- 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.