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
    1.2526+0.0003+0.02%
    USDSGD=X
    1.7303+0.00010.00%
    EURSGD=X
    2.1029-0.0012-0.06%
    GBPSGD=X
    81.8788+0.0965+0.12%
    SGDJPY=X
    6.1901-0.0019-0.03%
    SGDHKD=X
    2.5869+0.0014+0.05%
    SGDMYR=X
    9,116.7109-2.1514-0.02%
    SGDIDR=X
    4.9691-0.0013-0.03%
    SGDCNY=X
    1.1689+0.0001+0.01%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,294.00-7.90-0.61%
    GCQ14.CMX
    19.60+0.02+0.08%
    SIK14.CMX
    90.18-0.65-0.72%
    ^XAU
    3.05+0.02+0.51%
    HGK14.CMX
    104.30+0.83+0.80%
    CLK14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.73+0.08
    ^FVX
    2.72+0.08
    ^TNX
    3.52+0.06
    ^TYX

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