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Gold Prices May Rally Further off of Lows

Gold Prices May Rally Further off of Lows

David Rodriguez, Head of Product
Gold Prices May Rally Further off of Lows

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GOLD Retail forex traders remain heavily long Gold versus the US Dollar, but a recent shift towards selling suggests that the precious metal could soon turn higher.

Trade Implications GOLD Our Senior Strategist notes that Gold is at a potential crossroads as it enters a key cyclical turn window, and a close above $1286 would leave us focused on further gains. It enters the potential crossroads with retail short interest in XAUUSD up a noteworthy 34 percent on the week. A break higher in price alongside further retail crowd selling would help confirm an important Gold price low.

See next currency section: EURJPY - Euro at Critical Turning Point versus Japanese Yen

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

Gold Prices May Rally Further off of Lows

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

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