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Gold Prices May Bounce, But Crowd Sentiment at Extremes

Gold Prices May Bounce, But Crowd Sentiment at Extremes

David Rodriguez, Head of Product
ssi_xauusd_1_body_Picture_17.png, Gold Prices May Bounce, But Crowd Sentiment at Extremes

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 traded in a progressively narrowing range, and a hold of key lows suggests Gold price recovery is likely. Yet that’s a big “if”, and we don’t feel comfortable joining the retail trading crowd in getting long at these levels. A break below key lows could prove significant.

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

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ssi_xauusd_1_body_1a_3.png, Gold Prices May Bounce, But Crowd Sentiment at Extremes

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

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