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Caution on Chasing Gold Gains as Crowds Buy

Caution on Chasing Gold Gains as Crowds Buy

David Rodriguez, Head of Product
ssi_xauusd_body_Picture_17.png, Caution on Chasing Gold Gains as Crowds Buy

GoldRetail forex traders have bought into Gold Price weakness against the US Dollar (ticker: USDOLLAR), and a contrarian view of crowd sentiment leaves us in favor of further Gold price losses.

Trade Implications – Gold: There are currently more than two retail traders long Gold for every one that is short, and indeed that ratio has grown since last week. Our Senior Technical Strategist has advocated going long Gold as long as it remains above 1575, but retail sentiment suggests there is scope for short-term declines within the broader uptrend.

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

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ssi_xauusd_body_1a_3.png, Caution on Chasing Gold Gains as Crowds Buy

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