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Gold Prices at Potentially Significant Turning Point

Gold Prices at Potentially Significant Turning Point

David Rodriguez, Head of Product

Why and how do we use the SSI in trading? View our video and download the free indicator here

Gold– Retail forex traders remain long gold prices versus the US Dollar, and a contrarian view of crowd sentiment points to further XAU/USD weakness. Last week we noted that a substantial shift towards crowd selling warned of a potential turnaround for the precious metal. Yet we were clearly early in our calls for a trend turnaround

Our technical outlook is admittedly mixed, and it remains possible that gold prices may soon set a substantial low and turn higher. We nonetheless suspect this will coincide with a similar shift in sentiment, and indeed we will wait for our positioning data to show more substantial signs of a bigger shift.

See next currency section:

--- 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.

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