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Gold Prices Forecast to Hit Further Highs

Gold Prices Forecast to Hit Further Highs

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 have recently turned net-short Gold prices for the first time in three months, and a contrarian view of crowd sentiment warns that it may soon continue higher.

Our data shows 56 percent of open XAU/USD positions are long, and this represents a substantial shift from the 65 percent long seen just seven days ago. The combination of the recent price rally and sharp turn in positions leaves us watching for further Gold price strength.

See next currency section: EURUSD - Euro Looks Increasingly Likely to Break Higher

--- 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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