Gold Price Forecast to Fall Further versus Dollar
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Gold– Retail forex traders remain aggressively long Gold versus the US Dollar, and a contrarian view of crowd sentiment warns of further near-term weakness. Indeed our data shows that total long positions in XAU/USD outnumber those short by a notable 2.8 to 1. Until we see a pronounced shift we will maintain our calls for continued Gold price declines.
See next currency section: EURUSD - Euro Forecast Turns Bearish as Crowds Buy
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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