Gold Price Tumbles Point to Broader US Dollar Reversal
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GOLD –Gold prices continue to hit fresh lows, and clearly one-sided retail forex trader sentiment leaves us in favor of further weakness.
Trade Implications GOLD – The majority of retail traders turned long Gold as it set an important top near the $1390 mark, and indeed we’ve subsequently argued for further weakness as the shift in sentiment coincided with an important cyclical turn window.
In fact our Senior Strategist sees evidence that continued Gold price weakness may actually point to a much larger US Dollar reversal.
--- 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.