Gold Prices Could Fail at These Levels
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GOLD – Retail forex traders have consistently sold into Gold price gains, and we’ve recently called for further strength. Yet a hold below key resistance along with a tumble in volatility warns of a turn lower.
Trade Implications GOLD – Gold continues to hold below key April highs near $1330 as retail crowds have sold. In most conditions we would favor buying if crowds are selling, but extremely low volatility suggests that the range-trading retail trader can do well in current markets. We favor the downside as long as Gold remains below $1330.
See next currency section: SPX500 - S&P 500 Shows few Signs of Slowing
--- 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.