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Price of Gold Likely to Continue Lower

Price of Gold Likely to Continue Lower

2015-12-30 16:55:00
David Rodriguez, Head of Product
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Price of Gold Likely to Continue Lower

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 3.8 retail open short positions in XAU/USD for every one that is long; 79 percent of interest is short. This matches 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:

--- 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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