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Gold Prices Likely to Fall Further

Gold Prices Likely to Fall Further

David Rodriguez, Head of Product
Gold Prices Likely to Fall Further

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GOLD Forex traders remain their most long Gold since it crashed to significant lows through early 2013, and a contrarian view of crowd sentiment leaves us focused on further declines.

Trade Implications GOLDGold broke to key lows and our technical forecast remains bearish the precious metal as long as price remains below $1286. The extremely one-sided sentiment warns that a turn may be near, but until we see a meaningful shift in crowd positions we’ll remain in favor of further weakness.

See next currency section: EURJPY - Euro Looks at Risk versus Japanese Yen

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

Gold Prices Likely to Fall Further

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

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