Gold Prices Show Signs of Life, May Recover Further
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GOLD –Forex trading crowds have sold aggressively into recent Gold price bounces, and our trading bias on the precious metal may soon turn bullish on a bigger shift in herd sentiment.
Trade Implications GOLD – The crowd remains net-long Gold versus the US Dollar as they bought aggressively into the break below $1390. Yet long interest is down 25 percent since last week while short positions are up by the same amount. Our Senior Strategist writes that a move above $1335 would indeed reverse our earlier calls for further Gold price weakness.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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