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Gold at Material Risk of Further Breakdown

Gold at Material Risk of Further Breakdown

2014-05-22 14:50:00
David Rodriguez, Head of Business Development
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Gold at Material Risk of Further Breakdown

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GOLD Forex trading crowds are near their most long Gold versus the US Dollar since it set an important low through March. A contrarian view of crowd sentiment favors further breakdowns.

Trade Implications GOLDGold failed to capitalize on early signs of a potential reversal higher, and one-sided crowd sentiment leaves us steadily in favor of further weakness. Our Senior Strategist writes that continued consolidation at these levels points to a major Gold price move through the coming days.

See next currency section: EURJPY - Further Euro Weakness Likely versus Yen

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

Gold at Material Risk of Further Breakdown

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