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Our Data Shows Gold Prices Likely to Continue Higher

Our Data Shows Gold Prices Likely to Continue Higher

David Rodriguez, Head of Product
Our Data Shows Gold Prices Likely to Continue Higher

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

Gold– Our retail forex trader data accurately called a major Gold Price rally two weeks ago, and a sustained shift in sentiment leaves us plainly in favor of further near-term XAU/USD gains.

Our data shows there are currently 1.5 open retail positions short XAU/USD for every 1 that is long, and a contrarian view of crowd sentiment leaves us plainly in favor of buying into gains. The severity with which Gold prices have surged through major multi-month highs acts as further confirmation that this move is the ‘real deal’.

We would need to see a substantive shift in retail forex positioning to call for a meaningful XAU/USD reversal.

See next currency section:DAX - German DAX Poised to Fall Even Further

--- 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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