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Gold Prices Remain at Risk of Further Declines

Gold Prices Remain at Risk of Further Declines

2014-05-09 15:05:00
David Rodriguez, Head of Business Development
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Gold Prices Remain at Risk of Further Declines

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GOLD Forex trading crowds remain aggressively long Gold versus the US Dollar, and a contrarian view of crowd sentiment leaves us looking for further losses.

Trade Implications GOLDLast week we noted that Gold may have set an important low as it bottomed into a key cyclical turn window. Yet failure at key resistance of $1315 keeps our short-term focus to the downside, and indeed a break below $1270 would instill further confidence in our calls for Gold price weakness.

See next currency section: GBPJPY - Forex Sentiment Sounds Warning on GBPJPY Uptrend

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

Gold Prices Remain at Risk of Further Declines

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