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Gold Price Forecast Remains Bullish until this Changes

Gold Price Forecast Remains Bullish until this Changes

David Rodriguez, Head of Product
Gold Price Forecast Remains Bullish until this Changes

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

Gold– Retail FX traders continue to sell into gold price rallies, and a contrarian view of ‘crowd’ sentiment warns that XAU/USD may continue onto fresh highs.

Indeed we’ve now called for gold price gains through the past four weeks of sentiment coverage, but the precious metal price has notably failed to break through to fresh yearly highs. Until we see an aggressive shift towards crowd buying we see little reason to abandon our bullish XAU/USD trading bias. Yet a continued failure to hit key peaks could eventually lead to a price breakdown.

See next currency section: DAX - German DAX Likely to Fall to Fresh Lows

--- 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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