Gold Prices Fall Sharply and Could Decline Further
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Trade Implications – Gold: Crowds had recently been selling into the Gold price rally into monthly highs, but we’ve most recently seen a significant reversal in both price and sentiment. Short interest has fallen a noteworthy 20 percent overnight, while longs have grown by five percent. Our Senior Technical Strategist points out that Gold price weakness from these levels would help confirm an important top, and indeed it seems as though XAUUSD could fall further from recent peaks.
--- 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.