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Gold Prices Likely to Fall Further

Gold Prices Likely to Fall Further

David Rodriguez, Head of Product
Gold Prices Likely to Fall Further

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

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. Outstanding long positions currently outnumber those short by 2.7 to 1—73 percent of open interest is long.

We will need to see a substantive shift towards crowd XAU/USD-selling in order to call for a meaningful bounce in gold prices.

See next currency section:EURUSD - Violent Euro Rally Warns that Downtrend is Over

--- 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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