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Gold Price Outlook Remains Bullish until this Changes

Gold Price Outlook Remains Bullish until this Changes

David Rodriguez, Head of Product
Gold Price Outlook Remains Bullish until this Changes

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Gold– Retail FX traders have sold aggressively into recent Gold price strength, and a contrarian view of crowd sentiment favors a XAU/USD rally onto fresh highs. It’s important to note that this isn’t the first time we’ve called for a breakout; the ‘crowd’ has turned decisively net-short gold prices at a handful of key XAU/USD tops in the past three months. And indeed there’s no way to know whether this is yet another instance in which traders turn short into market reversals.

A sustained shift towards selling would nonetheless keep us bullish, and a run towards yearly highs remains likely until the opposite occurs and crowds begin buying.

See next currency section:DAX - German DAX Likely to Hit Fresh Highs

--- 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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