Gold Prices See no Relief in Sight as Further Lows likely
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GOLD –Gold prices continue trading to fresh lows and retail forex traders continue to buy. A contrarian view of crowd sentiment favors further losses.
Trade Implications GOLD – The ‘crowd’ in our trader sample first turned net-long Gold as it turned down from $1390, and long interest is now at its highest since December. Clearly nothing moves in a straight line and some short-term corrections are possible (if not probable). Yet the combination of one-sided sentiment and a bearish technical forecast keeps us looking lower on Gold below key resistance at $1336.
--- 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.