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
    1.3772-0.0005-0.03%
    USDSGD=X
    1.5105+0.0013+0.09%
    EURSGD=X
    2.1465-0.0009-0.04%
    GBPSGD=X
    90.0437+0.0386+0.04%
    SGDJPY=X
    5.6299+0.0021+0.04%
    SGDHKD=X
    2.7982-0.0012-0.04%
    SGDMYR=X
    9,782.0264+1.2129+0.01%
    SGDIDR=X
    4.5081+0.0005+0.01%
    SGDCNY=X
    1.0166+0.014+1.40%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,090.40+1.20+0.11%
    GCU15.CMX
    14.54-0.02-0.15%
    SIZ15.CMX
    45.54-2.03-4.26%
    ^XAU
    2.36+0.02+0.77%
    HGU15.CMX
    46.06+0.50+1.10%
    CLV15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.51-0.03
    ^FVX
    2.15-0.05
    ^TNX
    2.86-0.07
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.60+0.13+27.66%
    N21.SI
    2.35+0.15+6.82%
    MC0.SI
    0.32+0.01+3.23%
    E5H.SI
    0.129+0.006+4.88%
    5DN.SI
    0.310.000.00%
    5WA.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.60+0.13+27.66%
    N21.SI
    0.445+0.065+17.11%
    AZT.SI
    0.31+0.05+16.98%
    578.SI
    0.15+0.02+16.28%
    EB7.SI
    0.119+0.014+13.33%
    5FR.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.23-0.04-14.81%
    5WR.SI
    0.425-0.060-12.37%
    MN5.SI
    0.20-0.02-9.09%
    L02.SI
    0.164-0.016-8.89%
    5KU.SI
    0.42-0.04-8.70%
    AZZ.SI