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of clients are net short.
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  • EUR/USD climbs to a fresh monthly high (1.2238) following the semi-annual testimony with Federal Reserve Chairman Jerome Powell. Get your $EURUSD market update from @DavidJSong here:https://t.co/mGjClEgEhd https://t.co/dvqtOOCZok
  • Gold (XAU/USD) -1.7% at $1,773/oz....the $1,760/-$1,764/oz. level under pressure again. #gold #xauusd @DailyFX https://t.co/XS2INokIRx
  • Heads Up:🇺🇸 Fed Quarles Speech due at 16:10 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-02-25
  • As US yields climb higher, gold prices have dropped to session lows of 1770 - YTD low at 1761 USDJPY continues to track higher, hitting 106.22 (YTD high) High beta FX beginning to soften slightly as USDCAD recovers back above 1.25
  • Forex Update: As of 15:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.44% 🇨🇭CHF: 0.33% 🇬🇧GBP: 0.05% 🇨🇦CAD: -0.03% 🇦🇺AUD: -0.16% 🇯🇵JPY: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/SwhdGUNXdZ
  • The US10Y yield just matched the $SPX dividend yield (1.5%), making stock exposure a little bit less attractive at this stage. It's a huge concern for equities and one we discussed in yesterday's webinar - https://www.dailyfx.com/forex/market_alert/2021/02/24/Stock-Market-Forecast-for-the-Week-Ahead-Growth-to-Value-Rotation-Heats-Up.html?ref-author=phanks&QPID=917701&CHID=9
  • Indices Update: As of 15:00, these are your best and worst performers based on the London trading schedule: France 40: 0.12% FTSE 100: -0.07% Wall Street: -0.45% Germany 30: -0.52% US 500: -0.78% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/5DPlIjUwBA
  • Rising bond yields make gold less attractive as an investment. Inflation expectations and a weaker USD keep gold prices supported. Get your $XAUUSD market update from @HathornSabin here:https://t.co/FBWhw5vruO https://t.co/BUFxcxA73b
  • US 10-year treasury note yield rises above estimated 1.48% S&P 500 dividend yield, eroding stock market advantage
  • Fed's Bullard: - Given the economic outlook, rise in 10yr yields is "appropriate" #Fed $USD
Gold Price Outlook Remains Bullish until this Changes

Gold Price Outlook Remains Bullish until this Changes

David Rodriguez, Head of Product
Gold Price Outlook 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 have sold aggressively into recent Gold price strength, and a contrarian view of crowd sentiment favors a XAU/USD rally onto fresh highs. It’s important to note that this isn’t the first time we’ve called for a breakout; the ‘crowd’ has turned decisively net-short gold prices at a handful of key XAU/USD tops in the past three months. And indeed there’s no way to know whether this is yet another instance in which traders turn short into market reversals.

A sustained shift towards selling would nonetheless keep us bullish, and a run towards yearly highs remains likely until the opposite occurs and crowds begin buying.

See next currency section:DAX - German DAX Likely to Hit Fresh Highs

--- 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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