Gold Peaks Below $1200 but Might See a Small Rebound First
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Gold – Retail traders are aggressively paring back their long positioning on the most recent rebound back above $1200.
Trade Implications – Gold: The retail crowd hasn’t stepped up short positioning in Gold which may necessary to call for a turn. For now, given the steep declines seen, we view short-term rallies in precious metals as a potential opportunity to sell.
--- Written by Christopher Vecchio, Currency Analyst for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.