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