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Gold Forecast to Gain Further versus US Dollar

Gold Forecast to Gain Further versus US Dollar

David Rodriguez, Head of Product
Gold Forecast to Gain Further versus US Dollar

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Gold– Retail FX traders have sold aggressively into recent Gold Price rallies, and a contrarian view of crowd sentiment points to further XAU/USD appreciation. And indeed the notable shift towards selling coincides with a potentially significant technical break higher. As long as the majority of traders continue to sell, we will look for further Gold Price rallies.

See next currency section: EURUSD - Euro Breakdown is the Real Deal

--- 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.

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