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Gold Prices Forecast to Weaken Towards 1530

Gold Prices Forecast to Weaken Towards 1530

David Rodriguez, Head of Product
ssi_xauusd_body_Picture_10.png, Gold Prices Forecast to Weaken Towards 1530

XAUUSDRetail forex traders have remain aggressively long Gold versus the US Dollar (ticker: USDOLLAR), and such one-sided sentiment warns of further weakness.

Trade Implications – XAUUSD: Our Senior Technical Strategist called for Gold short positions as it broke a key upward-sloping trend channel, and overall evidence suggests a test of 2012 lows near $1530 seems likely.

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

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