Gold Prices Could Bottom, but Better Trades Elsewhere
Gold–Not much is happening in Gold, and frankly I think there are better trading opportunities elsewhere. Effectively neutral retail forex positioning gives me little reason to expect major moves in either direction.
Trade Implications – Gold: Our Senior Market Strategist believes that trading cycles favor an important Gold price low towards the end of June. But until I see any real signs of pick up in retail sentiment gold trading, I see no compelling reason to call for a near-term reversal.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.