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Gold– Retail forex speculators continue to sell into Gold price rallies, and a contrarian view of ‘crowd’ sentiment leaves us in favor of doing the opposite and buying. Indeed, we have consistently called for XAU/USD gains through the past five weeks of sentiment coverage.
We see no reason to abandon our long-standing trading bias, and only a sharp sentiment swing in the opposite direction would negate our calls for gold price strength.
See next currency section: DAX - German DAX Likely Continue Recovery Rally
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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