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Gold Price Forecast May have Finally Turned

Gold Price Forecast May have Finally Turned

David Rodriguez, Head of Product

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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 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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Contact David via Twitter at http://www.twitter.com/DRodriguezFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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