Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.
Gold – Retail FX traders remain long Gold against the US Dollar, and a contrarian view of crowd sentiment as well as failure at key technical resistance leaves us focused on further weakness.
Trade Implications – Gold: It’s certainly possible that Gold has set a double-bottom in the $1,180-1,200 range. Yet we would need to see a much larger shift in sentiment to call for a major reversal in the precious metal.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
Automate our SSI-based trading strategies via Mirror Trader free of charge
To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link.
Contact David via
Twitter at http://www.twitter.com/DRodriguezFX