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
    1.3999-0.0072-0.51%
    USDSGD=X
    1.5770-0.0149-0.94%
    EURSGD=X
    2.1592-0.0172-0.79%
    GBPSGD=X
    86.2128+0.7823+0.92%
    SGDJPY=X
    5.5366+0.0272+0.49%
    SGDHKD=X
    3.0070+0.0015+0.05%
    SGDMYR=X
    10,016.8252-119.6904-1.18%
    SGDIDR=X
    4.5770+0.0211+0.46%
    SGDCNY=X
    1.0022-0.0005-0.05%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,122.90-1.70-0.15%
    GCZ15.CMX
    14.41+0.37+2.63%
    SIU15.CMX
    45.49+1.52+3.47%
    ^XAU
    2.32+0.08+3.76%
    HGZ15.CMX
    42.22+3.62+9.38%
    CLV15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.48+0.01
    ^FVX
    2.170.00
    ^TNX
    2.90-0.03
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.515+0.065+14.44%
    N21.SI
    0.55+0.09+19.57%
    5CP.SI
    0.310.000.00%
    5WA.SI
    3.850.000.00%
    Z74.SI
    0.695+0.050+7.75%
    5ME.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.21+0.04+27.27%
    L02.SI
    1.15+0.22+23.66%
    AYB.SI
    0.40+0.07+21.21%
    AZZ.SI
    0.55+0.09+19.57%
    5CP.SI
    0.159+0.026+19.55%
    DU4.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.10-0.08-44.44%
    5OF.SI
    0.42-0.07-14.29%
    5DO.SI
    0.122-0.016-11.59%
    EB7.SI
    0.197-0.023-10.45%
    B69.SI
    0.177-0.020-10.15%
    5HJ.SI