Gold Prices Forecast to Weaken Towards 1530

DailyFX

View photo

.
ssi_xauusd_body_Picture_10.png, Gold Prices Forecast to Weaken Towards 1530

XAUUSDRetail forex traders have remain aggressively long Gold versus the US Dollar (ticker: USDOLLAR), and such one-sided sentiment warns of further weakness.

Trade Implications – XAUUSD: Our Senior Technical Strategist called for Gold short positions as it broke a key upward-sloping trend channel, and overall evidence suggests a test of 2012 lows near $1530 seems likely.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link.

New to FX markets? Learn more in our video trading guide.

Contact David via

Twitter at http://www.twitter.com/DRodriguezFX

Facebook at http://www.Facebook.com/DRodriguezFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

Rates

View Comments (0)