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Gold Prices Likely to Trade Lower as Recovery Falls Flat

Gold Prices Likely to Trade Lower as Recovery Falls Flat

David Rodriguez, Head of Product
ssi_GOLD_body_Picture_18.png, Gold Prices Likely to Trade Lower as Recovery Falls Flat

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GOLD One-sided forex trading sentiment and a key technical failure leave us focused on further Gold price weakness until further notice.

Trade Implications GOLDLast week we wrote in favor of further Gold price recovery on account of a fairly strong shift in crowd positioning; retail traders had sold aggressively into the XAUUSD bounce. Yet the precious metal has since stopped and reversed in fairly dramatic fashion, and ‘the herd’ is once again aggressively long. A daily close below the key $1300 mark would further confirm losses are likely.

See next currency section: AUDUSD - Australian Dollar Rally at Clear Risk on Two Factors

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

ssi_GOLD_body_Picture_19.png, Gold Prices Likely to Trade Lower as Recovery Falls Flat

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