Trade Implications – Gold: We recently saw retail forex traders turn net short Gold versus the US Dollar as it crossed above key resistance at $1350, and that gave us contrarian signal that the precious metal may head higher. There’s risk that gold may pull back at key channel resistance, but we remain modestly bullish until further notice.
--- 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.
Contact David via
Twitter at https://www.twitter.com/DRodriguezFX
Facebook at http://www.Facebook.com/DRodriguezFX