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Gold at Potentially Substantial Turning Point

Gold at Potentially Substantial Turning Point

2014-05-29 15:55:00
David Rodriguez, Head of Business Development
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Gold at Potentially Substantial Turning Point

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GOLD Forex traders are now their most long Gold prices since the pair crashed below $1600, and the potential for a sentiment extreme warns that the precious metal is near an important turning point.

Trade Implications GOLDGold prices are currently trading near pivotal support at $1260, and extremely one-sided crowd sentiment suggests the next move will be significant. A purely contrarian view of crowd sentiment favors a breakdown, but an extremely low-volatility environment limits the likelihood of a crash as we saw through early-2013. We’ll watch Gold’s next moves as they could likely prove decisive.

See next currency section: EURJPY - Euro Likely to Fall further versus Yen

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

Gold at Potentially Substantial Turning Point

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