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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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.2560+0.0005+0.04%
    USDSGD=X
    1.7359+0.0012+0.07%
    EURSGD=X
    2.1082+0.0016+0.08%
    GBPSGD=X
    81.5436-0.1303-0.16%
    SGDJPY=X
    6.1732-0.0024-0.04%
    SGDHKD=X
    2.5985-0.0026-0.10%
    SGDMYR=X
    9,260.1455-39.5391-0.43%
    SGDIDR=X
    4.9725+0.0038+0.08%
    SGDCNY=X
    1.1668+0.0009+0.08%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,286.30+1.70+0.13%
    GCM14.CMX
    19.44+0.01+0.04%
    SIK14.CMX
    92.88+1.82+2.00%
    ^XAU
    3.06+0.01+0.18%
    HGK14.CMX
    101.70+0.26+0.26%
    CLM14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.71-0.03
    ^FVX
    2.69-0.04
    ^TNX
    3.47-0.03
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.149+0.007+4.93%
    545.SI
    0.121-0.001-0.82%
    B22.SI
    0.15+0.006+4.17%
    C68.SI
    1.36+0.010+0.74%
    G13.SI
    0.635+0.040+6.72%
    5WH.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.17+0.012+7.59%
    5PF.SI
    0.15+0.010+7.14%
    5GD.SI
    0.635+0.040+6.72%
    5WH.SI
    1.09+0.065+6.34%
    S53.SI
    0.26+0.020+8.33%
    5KI.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.052-0.060-53.57%
    5TF.SI
    1.63-0.510-23.83%
    N02.SI
    0.123-0.008-6.11%
    S71.SI
    0.2750.0000.00%
    5TN.SI
    0.245-0.005-2.00%
    L6T.SI