Gold Prices Remain at Risk of Further Declines
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GOLD – Consistent crowd buying has left us steadily in favor of Gold price declines, and indeed a contrarian view of retail trader sentiment calls for further losses.
Trade Implications GOLD – Retail FX traders turned net-long gold as it turned sharply lower through early March. Our Senior Strategist notes the precious metal may have set an important low through a cyclical turn window. Yet it would take an important shift in retail FX trader sentiment as well as trading above the April high of $1331 to materially change our trading forecast.
See next currency section: AUDUSD - Australian Dollar Downtrend Intact, We Like Selling
--- 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.