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Gold Prices Seem Unlikely to Hold Lows

Gold Prices Seem Unlikely to Hold Lows

David Rodriguez, Head of Product
ssi_xauusd_body_XAUUSD.png, Gold Prices Seem Unlikely to Hold Lows

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

Trade Implications – XAUUSD: Gold prices have bounced off of former congestion support, but the overall trend favors further declines. It is worth noting that Bloomberg data shows total Gold ETF holdings worldwide have fallen approximately 4% from their December peaks, while CFTC Commitment of Traders data shows that Non-Commercial long interest in Gold futures has tumbled 40% from all-time highs. Signs favor continued weakness.

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

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ssi_xauusd_body_1a_3.png, Gold Prices Seem Unlikely to Hold Lows

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