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 GOLD – Last 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
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.