Gold Prices at Key Juncture
Why and how do we use the SSI in trading? View our video and download the free indicator here
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
To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link.
Contact David via
Twitter at http://www.twitter.com/DRodriguezFX
Facebook at http://www.Facebook.com/DRodriguezFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.