Retail Attitudes Changing Towards Gold, but SSI Systems not Bullish Yet
Gold – Retail forex traders are moderating their positioning in Gold, and a flip in sentiment before a new series of highs are set could suggest that a bottom is forming. That is premature at this point in time, however.
Trade Implications – Gold: Gold remains mired in a brutal downtrend from the late-2012 highs, but will price having formed a base around $1200, the retail crowd is losing confidence in a rebound. Momentum calls for selling rallies, but recent changes in sentiment offer a more neutral outlook for the coming days.
--- Written by Christopher Vecchio, Currency Analyst
To contact Christopher Vecchio, e-mail firstname.lastname@example.org
Follow him on Twitter at @CVecchioFX
To be added to Christopher’s e-mail distribution list, please fill out this form
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.