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Gold Prices Could Continue Higher Despite Warning Sign

Gold Prices Could Continue Higher Despite Warning Sign

David Rodriguez, Head of Product
Gold Prices Could Continue Higher Despite Warning Sign

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

XAUUSD – Retail FX traders have mostly sold into recent Gold Price gains versus the US Dollar, and yet the most recent shift in positions shows that traders are now net-long for the first time since the precious metal set a near-term low of $1310 at the start of the month.

We most often take a contrarian view to ‘crowd’ positions—the fact that traders are net-long XAU/USD would typically make us want to be short and vice versa. Yet the recent Gold Price rally gives us pause, and indeed we would ideally see a much sharper shift towards crowd buying before calling for a much larger turnaround.

It will be important to keep an eye on the precious metal’s next steps—particularly as our technical outlook suggests further strength remains likely.

See next currency section:AUDUSD - Australian Dollar Likely to Hit Fresh Highs

--- Written by David Rodriguez, Senior 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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