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Gold Prices Likely to Fall Further Until this Changes

Gold Prices Likely to Fall Further Until this Changes

David Rodriguez, Head of Product

Why and how do we use the SSI in trading? View our video and download the free indicator here

Gold– Aggressively one-sided retail forex trader positioning warns that Gold prices may continue to decline through near-term price action. Our data shows that total open long positions in XAU/USD outnumber those short by approximately 2 to 1—the largest extreme since Gold prices set a key low near $1100.

It is possible that such one-sided positioning warns of a similar sentiment extreme and a potential short-term low, but such extremes are only clear in hindsight. Until we see a substantive shift in trader sentiment we’ll remain in favor of selling into XAU/USD weakness.

See next currency section: EURUSD - Forex Sentiment Data Shows that Euro Remains a Sell

--- 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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