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Gold Prices May have Turned versus the US Dollar

Gold Prices May have Turned versus the US Dollar

David Rodriguez, Head of Product
Gold Prices May have Turned versus the US Dollar

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Gold– A sharp drop in gold prices has led to a similarly pronounced shift in retail forex trader positioning, and our data suggests that the broader trend may have turned in favor of XAU/USD declines. Last week we noted that a notable majority of traders in our sample remained short Gold prices versus the US Dollar, but a clear wave of profit-taking leaves net-positioning almost exactly flat at time of writing.

We see little choice but to withdraw our calls for further XAU gains. Yet we would ideally see a sharp jump in retail FX trader buying before turning in favor of selling into any Gold price declines.

See next currency section: EURUSD - Euro Forecast to Fall even Further until this Changes

--- 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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