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Gold Prices Suddenly Suggest it’s Time to Sell

Gold Prices Suddenly Suggest it’s Time to Sell

David Rodriguez, Head of Product
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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