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
    1.3324-0.0001-0.01%
    USDSGD=X
    1.4479+0.0004+0.03%
    EURSGD=X
    2.0222-0.0006-0.03%
    GBPSGD=X
    89.2715+0.052+0.06%
    SGDJPY=X
    5.8166+0.0004+0.01%
    SGDHKD=X
    2.6796-0.0025-0.09%
    SGDMYR=X
    9,707.0293-11.5469-0.12%
    SGDIDR=X
    4.6535+0.0044+0.09%
    SGDCNY=X
    1.0435+0.0014+0.14%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,176.00-14.50-1.21%
    GCQ15.CMX
    15.64-0.11-0.72%
    SIK15.CMX
    69.95-0.68-0.96%
    ^XAU
    2.75+0.04+1.56%
    HGK15.CMX
    57.15-0.32-0.55%
    CLM15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.32-0.03
    ^FVX
    1.92-0.03
    ^TNX
    2.62-0.02
    ^TYX

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