Gold Prices May have Turned the Corner
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Gold – Retail FX traders have recently turned net-short Gold prices, and a contrarian view of crowd sentiment suggests XAU/USD may continue to trade higher. Short-term targets are now seen at multi-month highs near $1170. A break higher would help confirm an important shift in the near-term Gold price trend.
See next currency section: EURUSD - Euro Likely to Test Key Near-term Resistance
--- 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.