Further Gold Price Declines Seem Likely
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Gold – Retail forex traders continue buying aggressively into Gold price weakness, acting as contrarian signal that the precious metal may continue lower.
Trade Implications – Gold: As we wrote last week, “crowds have remained steadily long Gold prices since the precious metal traded below $1350 on October 28, and we anticipate continued drops until we see a significant shift in sentiment.” As long as crowds continue buying, we’ll favor further declines.
--- 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.