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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– One-sided retail FX trader positioning warns that gold prices may continue higher, and indeed the same trader sample has called for XAU/USD gains through the past three weeks of trading.

Our data shows that the retail trading crowd remains marginally net-short Gold versus the US Dollar; a contrarian view of such leads us to call for further rallies. It is worth noting that positions have actually moderated since last week, and a mere 53 percent of open XAU/USD positions are currently short. Yet we would need to see a substantive shift towards crowd selling before calling for a meaningful reversal.

See next currency section:DAX - German DAX Shows Clear Signs of Turnaround

--- 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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