Gold Prices Expected to Fall Further
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Gold – Retail FX traders remain heavily long gold versus the US Dollar and indeed have remained so since the precious metal’s price crossed below $1200 in May. It is perhaps worth noting that positions have actually grown less long since last week; the count of long positions fell 6 percent while short positions are up 9 percent. Yet we would need to see a much larger shift in sentiment before calling for a meaningful reversal.
See next currency section: EURUSD - Euro Outlook Remains Uncertain – What to Watch Next
--- 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.