Gold Targets Fresh Peaks Amid Key Shift
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GOLD – FX trading crowds are now net-short Gold versus the US Dollar for the first time since it peaked near $1315 in early May. The sharp shift in sentiment warns the precious metal may continue higher.
Trade Implications GOLD – Last week we noted that Gold was at a potential crossroads as it enters a key cyclical turn window, and a close above $1286 would leave us focused on further gains. Indeed the metal has now broken above. Near-term focus shifts to May peaks at $1315, and only material change in trading crowd sentiment would shake our bullish bias.
See next currency section: EURJPY - Euro May Trade to Fresh Highs versus 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.