Gold Price Once Again set to Shine
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XAUUSD – Retail FX traders are once again short Gold prices in US Dollar terms, and a contrarian view of sentiment leaves watching for further near-term XAU/USD strength. This stands in contrast to just a week ago when the opposite was true and we held a bearish trading bias. Indeed, it has been difficult to establish a long-standing position as the precious metal remains in a multi-month long consolidative range.
As long as retail FX traders continue to sell, we will continue to call for further Gold Price strength.
See next currency section:AUDUSD - Australian Dollar Sentiment Points to Gains
--- 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.