Gold Prices at Key Juncture
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Gold– Retail forex traders remain long gold prices versus the US Dollar, and a contrarian view of crowd sentiment points to further XAU/USD weakness. Since last week we have seen positioning moderate somewhat; 65 percent of open XAU/USD positions are currently long versus 70 percent last week.
We would ultimately need to see a much more significant change to call for an end to the broader gold price decline.
See next currency section:EURUSD - Euro Likely to Hold Lows - Breakout Next?
--- 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.