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  • S&P 500 update. Here are the tactical levels on my radar. Important to note that overnight bids have been consistently faded this month. Seeing more of the same so far today. This is a considerable change in market behavior and speaks to risk-off undercurrents. #Stocks $SPX $ES https://t.co/fpDm0WO21h https://t.co/mi3V3uesnF
  • $Gold catching a bid ahead of #FOMC https://t.co/zEwlvLxapy https://t.co/nX2J1gufkw
  • $EURUSD trying to hold support in the fibonacci zone b/w 1709 and 1736, same that helped to catch the Q1 low one more level below that zone and its the 2021 low at 1664 $USD $DXY https://t.co/sntjlxZrnl
  • EUR/USD has been packed in tightly between two key kevels (1.1700/38) since the open on Sunday night. Get your $EURUSD market update from @HathornSabin here:https://t.co/y8SKCtGUFj https://t.co/7atjCSqVS0
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  • Heads Up:🇺🇸 Building Permits MoM (AUG) due at 12:30 GMT (15min) Previous: 2.3% https://www.dailyfx.com/economic-calendar#2021-09-21
  • Heads Up:🇺🇸 Housing Starts MoM (AUG) due at 12:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-09-21
Gold Price Forecast to Fall Through Near Term

Gold Price Forecast to Fall Through Near Term

David Rodriguez, Head of Product
Gold Price Forecast to Fall Through Near Term

Why and how do we use the SSI in trading? View our video and download the free indicator here

Gold– Retail FX traders have recently turned net-long Gold prices versus the US Dollar, and a contrarian view of crowd sentiment suggests XAU/USD may continue onto fresh near-term lows. Indeed, total long interest has risen a notable 40 percent since last week while short interest is down 26 percent. Such sharp shifts often coincide with important turns in trends, and we believe this is no exception.

Near-term support starts near key congestion levels surrounding $1240, while a further breakdown could take the precious metal to the psychologically-significant $1200 mark. Only a marked shift in retail trader sentiment would change our trading bias.

See next currency section:DAX - German DAX Risks to the Downside

--- 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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