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Gold Prices Face Key Risk of Turn Lower

Gold Prices Face Key Risk of Turn Lower

David Rodriguez, Head of Product
Gold Prices Face Key Risk of Turn Lower

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

XAUUSD – Retail FX traders have consistently bought into recent Gold Price weakness in US Dollar terms, and a contrarian view of ‘crowd’ sentiment points to further weakness. This stands in contrast to the broader multi-month uptrend for XAU/USD, but critical event risk in the days ahead suggests volatility is likely. Recent shifts in trader sentiment warn of the potential for a turn lower.

See next currency section:EURUSD - Euro Near Potentially Critical Support - Next Move is Key

--- 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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