Gold Prices Face Key Risk of Turn Lower
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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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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.