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Gold Price Likely to hit Key Range Highs

Gold Price Likely to hit Key Range Highs

David Rodriguez, Head of Product
Gold Price Likely to hit Key Range Highs

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 strength, and a contrarian view of crowd sentiment suggests XAU/USD may trade onto fresh highs. Past performance is not indicative of future results, but our data suggests that going against the crowd has been a winning strategy overall. Yet the same data shows retail traders tend to outperform in slow-moving market conditions.

The key caveat to our calls for Gold strength are therefore straightforward: going against the ‘crowd’ could work against us if the XAU/USD exchange rate sticks to its tight range. Ultimately we think Gold is likely to test range highs, but we would ideally see a rise in volatility before taking a stronger bullish trading bias.

See next currency section:DAX - German DAX Uptrend Remains Intact

--- 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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