Gold–Retail forex traders have mostly sold into recent Gold price gains versus the US Dollar, but an important development in forex market cycles suggests XAUUSD may have already turned lower.
Trade Implications – Gold: Last week we claimed that the sharp build in retail forex selling suggested that Gold prices may head higher. Yet more recent price action leaves clear risk of a short-term top, and indeed retail traders have shown early signs of turning towards buying into Gold price weakness.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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