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  • Gold prices have plunged more than 5.1% off the September highs with the sell-off taking XAU/USD back into key technical support. Get your $XAUUSUD market update from @MBForex here:https://t.co/XqIJ5OJ5Hv https://t.co/O3CSNNCCWo
  • WTI higher by almost 2% as global energy prices continue to rise $CL $CL_F #Oil https://t.co/6Zu2zR0ZDP
  • Higher global natural gas prices could hint to a near-term increase in US exports - Moody's via BBG $NG $NG_F
  • WTO crude is on pace to put in its highest session close in three years. If it clears 76, it will be a far bigger technical event. $CL_F weekly chart below https://t.co/UPviQVRL2F
  • Fed's Williams: - It is reasonable for the taper to be completed by mid-2022 - I recognize that inflation is currently elevated
  • Both USD/CHF and USD/SEK rates appear poised for most upside in the near-term, while surging energy prices may be offering a different route for USD/NOK. Get your market update from @CVecchioFX here:https://t.co/0HFq7L8RCm https://t.co/7wF7mk4ip4
  • Fed's Williams: - Optimistic that the economy will allow an "imminent" taper - Elevated levels of uncertainty make forecasting difficult
  • Gold Price Outlook: #Gold Drops into Pivotal Support- $XAUUSD Levels - https://t.co/Wkucy1F83L https://t.co/WNQyAVsaYD
  • Fitch Ratings: - We do not expect the advent of a new gov't in Germany to produce a significant change in near-term economic prospects - Expect sound fiscal policies following German elections, with a focus on sustainability of public debt
  • The USD is trading in an ascending triangle formation, marked by horizontal resistance around the 2021 highs to go along with bullish trendline support. Get your market update from @JStanleyFX here:https://t.co/3HFBpRwqB4 https://t.co/jAfBE5EfQI
Gold Prices Forecast to Hit Further Highs

Gold Prices Forecast to Hit Further Highs

David Rodriguez, Head of Product
Gold Prices Forecast to Hit Further Highs

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

Gold– Retail forex traders have recently turned net-short Gold prices for the first time in three months, and a contrarian view of crowd sentiment warns that it may soon continue higher.

Our data shows 56 percent of open XAU/USD positions are long, and this represents a substantial shift from the 65 percent long seen just seven days ago. The combination of the recent price rally and sharp turn in positions leaves us watching for further Gold price strength.

See next currency section:EURUSD - Euro Looks Increasingly Likely to Break Higher

--- 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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