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Gold Forecast Changes Once Again – Third time a Charm?

Gold Forecast Changes Once Again – Third time a Charm?

David Rodriguez, Head of Product
Gold Forecast Changes Once Again – Third time a Charm?

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

Gold– An aggressive shift in retail forex trader positioning warns that Gold prices may break to fresh lows through near-term trading. This is admittedly the opposite of what we said last week, but a XAU/USD failure to break to fresh highs has shifted our focus. Since then our retail trader data shows ‘the crowd’ flipped to net-long Gold prices for only the second time in three months.

Ideally we would see a sharp break below $1,200 to reinforce our calls for a larger breakdown, and in the meantime we expect gold prices towards said support line.

See next currency section: DAX - German DAX Likely to Trade Near Lows

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

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Contact David via Twitter at http://www.twitter.com/DRodriguezFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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