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  • #Silver is strengthening today, rising from 25.50 to currently trade above 25.85. The precious metal is now trading at a three week high. $XAG $SLV https://t.co/N00VYEmMlf
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Silver: 1.85% Gold: 1.56% Oil - US Crude: 0.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/0XcUzDWhqz
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  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.08%, while traders in France 40 are at opposite extremes with 74.81%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/iQ76alFO1m
  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Silver: 1.29% Gold: 1.02% Oil - US Crude: -0.62% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/87sd9nCfao
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  • Heads Up:🇺🇸 Business Inventories MoM (FEB) due at 14:00 GMT (15min) Expected: 0.5% Previous: 0.3% https://www.dailyfx.com/economic-calendar#2021-04-15
  • Heads Up:🇺🇸 NAHB Housing Market Index (APR) due at 14:00 GMT (15min) Expected: 83 Previous: 82 https://www.dailyfx.com/economic-calendar#2021-04-15
  • The S&P500 and Dow Jones both hit new record highs at the US market open. $SPY $DIA
Gold Prices are Tanking - Not a Time to Catch Falling Knives

Gold Prices are Tanking - Not a Time to Catch Falling Knives

David Rodriguez, Head of Product
ssi_xauusd_body_Picture_14.png, Gold Prices are Tanking - Not a Time to Catch Falling Knives

GoldRetail forex traders have bought aggressively into Gold declines versus the US Dollar (ticker: USDOLLAR), and a contrarian view of crowd sentiment warns against trying to catch falling knives.

Trade Implications – Gold: Last week we pointed out that retail traders were their most heavily net-long Gold since the pair bottomed in May of last year, and such one-sided sentiment warned against joining the crowd. And indeed, our Senior Market Strategist favors further downside in Gold prices—particularly if we break below $1535.

Our proprietary data shows that these positioning extremes can often occur at the major market bottom (or top), but the reversal is only clear in hindsight. Without a meaningful turn in sentiment, we target further lows—especially as there are currently 4.2 traders long gold for every one short.

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

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To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link.

ssi_xauusd_body_1a_3.png, Gold Prices are Tanking - Not a Time to Catch Falling Knives

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