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Gold Forecast Cautiously Optimistic, but Sentiment Poses Clear Danger

Gold Forecast Cautiously Optimistic, but Sentiment Poses Clear Danger

David Rodriguez, Head of Product
ssi_xauusd_body_Picture_17.png, Gold Forecast Cautiously Optimistic, but Sentiment Poses Clear Danger

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

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_body_1a_3.png, Gold Forecast Cautiously Optimistic, but Sentiment Poses Clear Danger

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

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