Gold Price Forecast May have Finally Turned
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Gold– Our retail forex trader data shows the majority of traders remain short Gold prices versus the US Dollar, and a contrarian view of crowd sentiment has led us to call for continued price gains. Yet the most recent XAU/USD decline has been met with buying and gives us pause in our long-standing bullish trading bias.
A failure to hold key short-term support would act as confirmation that the trend has indeed turned. Watch for strong price reactions surrounding the $1230 mark.
See next currency section: DAX - German DAX Targets Further Highs until this Changes
--- 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.