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 Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3740+0.0005+0.04%
    USDSGD=X
    1.5374+0.0001+0.01%
    EURSGD=X
    2.0152+0.0006+0.03%
    GBPSGD=X
    79.9571+0.0473+0.06%
    SGDJPY=X
    5.6522-0.0025-0.04%
    SGDHKD=X
    2.9559-0.0011-0.04%
    SGDMYR=X
    9,879.5537+9.1445+0.09%
    SGDIDR=X
    4.7733+0.0012+0.02%
    SGDCNY=X
    0.9929+0.0005+0.05%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,216.40-4.00-0.33%
    GCM16.CMX
    16.27-0.07-0.42%
    SIN16.CMX
    82.12-0.10-0.12%
    ^XAU
    2.10-0.01-0.26%
    HGN16.CMX
    49.23-0.25-0.51%
    CLN16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.34-0.06
    ^FVX
    1.82-0.05
    ^TNX
    2.63-0.04
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.8850.0000.00%
    Y92.SI
    0.122+0.004+3.39%
    5H0.SI
    15.45+0.13+0.85%
    D05.SI
    0.138+0.001+0.73%
    5DM.SI
    0.925+0.015+1.65%
    BS6.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    4.63+0.22+4.99%
    B61.SI
    0.225+0.010+4.65%
    5UZ.SI
    0.57+0.02+3.64%
    600.SI
    0.505+0.015+3.06%
    BN2.SI
    0.26+0.01+4.00%
    T6I.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.22-0.04-15.38%
    BKZ.SI
    0.145-0.019-11.59%
    5G1.SI
    0.135+0.005+3.85%
    5MQ.SI
    0.205-0.015-6.82%
    B7K.SI
    0.17-0.01-5.56%
    554.SI