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Gold Prices See no Relief in Sight as Further Lows likely

Gold Prices See no Relief in Sight as Further Lows likely

2014-04-03 15:30:00
David Rodriguez, Head of Product
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ssi_GOLD_body_Picture_16.png, Gold Prices See no Relief in Sight as Further Lows likely

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GOLDGold prices continue trading to fresh lows and retail forex traders continue to buy. A contrarian view of crowd sentiment favors further losses.

Trade Implications GOLDThe ‘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

ssi_GOLD_body_Picture_17.png, Gold Prices See no Relief in Sight as Further Lows likely

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