Gold Prices Forecast to Fall Further on Sentiment

ssi_xauusd_body_Picture_10.png, Gold Prices Forecast to Fall Further on Sentiment

XAUUSDRetail forex traders have bought aggressively into Gold weakness against the US Dollar (ticker: USDOLLAR), and a contrarian reading of popular sentiment warns that further XAUUSD weakness is likely.

Trade Implications – XAUUSD: Our technical forecast for Gold prices shows that support near the $1625 remains critical, and current sentiment suggests that a breakdown should be sold.

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

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.175-0.004-2.23%
    N21.SI
    0.415-0.005-1.19%
    5ME.SI
    2.58-0.07-2.64%
    MC0.SI
    0.42-0.01-2.33%
    E5H.SI
    0.105-0.004-3.67%
    43E.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.17+0.05+39.34%
    BCV.SI
    0.295+0.045+18.00%
    E28.SI
    0.47+0.06+16.05%
    BTF.SI
    0.23+0.02+9.52%
    40D.SI
    0.395+0.030+8.22%
    BLR.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.165-0.035-17.50%
    K22.SI
    0.095-0.016-14.41%
    42U.SI
    0.176-0.029-14.15%
    BTJ.SI
    0.22-0.03-12.00%
    BJD.SI
    0.22-0.03-10.20%
    B49.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.4298+0.004+0.28%
    USDSGD=X
    1.5139-0.0022-0.15%
    EURSGD=X
    1.7240-0.0095-0.55%
    GBPSGD=X
    79.8330-0.164-0.21%
    SGDJPY=X
    5.4223-0.0103-0.19%
    SGDHKD=X
    3.1245-0.0025-0.08%
    SGDMYR=X
    9,353.6299-17.3125-0.18%
    SGDIDR=X
    4.8255-0.0091-0.19%
    SGDCNY=X
    1.0689+0.0003+0.03%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,203.20+3.40+0.28%
    GCG17.CMX
    16.85+0.02+0.15%
    SIH17.CMX
    87.04+0.81+0.94%
    ^XAU
    2.68+0.01+0.28%
    HGH17.CMX
    52.21-0.80-1.51%
    CLG17.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.88+0.02
    ^FVX
    2.38+0.02
    ^TNX
    2.98+0.02
    ^TYX