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Gold Prices Forecast to Fall Even Further

Gold Prices Forecast to Fall Even Further

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 positions warn that Gold prices may continue to decline through near-term trading. Our data shows that there are currently 3.6 retail open short positions in XAU/USD for every one that is long; 78 percent of interest is short. This is the largest such extreme since the precious metal traded into important lows through July.

It’s certainly possible that such heavily one-sided interest warns of a near-term turnaround, but such reversals are only clear in hindsight. Until we see a substantive shift we’ll continue to call for XAU/USD declines.

See next currency section: EURUSD - Euro Forecast turns Bearish on Post-Fed Tumbles

--- 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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