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Gold Prices Suddenly Suggest it’s Time to Sell

Gold Prices Suddenly Suggest it’s Time to Sell

2016-09-01 14:50:00
David Rodriguez, Head of Product
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Gold Prices Suddenly Suggest it’s Time to Sell

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

XAUUSD – Retail FX traders are at their most heavily net-long Gold prices in over eight months, and a contrarian view of ‘crowd’ sentiment points to further XAU/USD weakness. A further break below key support near the $1,300 mark would help confirm a larger trend turnaround. And it will be important to watch how traders respond to Gold prices at the psychologically-significant price floor.

As long as retail FX traders continue to buy, we will continue to call for Gold price weakness.

See next currency section:S&P - US S&P 500 Looks at Danger of Turnaround

--- 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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