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
    1.3498-0.0013-0.09%
    USDSGD=X
    1.4733+0.0005+0.03%
    EURSGD=X
    2.0741-0.00010.00%
    GBPSGD=X
    91.6773+0.1003+0.11%
    SGDJPY=X
    5.7453+0.003+0.05%
    SGDHKD=X
    2.7028+0.0061+0.22%
    SGDMYR=X
    9,783.3018+31.2451+0.32%
    SGDIDR=X
    4.5962+0.0068+0.15%
    SGDCNY=X
    1.0386-0.0059-0.56%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,187.70+2.10+0.18%
    GCM15.CMX
    16.72+0.07+0.44%
    SIN15.CMX
    68.76+0.07+0.10%
    ^XAU
    2.770.00+0.07%
    HGN15.CMX
    57.84+0.33+0.57%
    CLN15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.53+0.01
    ^FVX
    2.130.00
    ^TNX
    2.88-0.02
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.340.000.00%
    AFC.SI
    0.105+0.001+0.96%
    5UV.SI
    0.182+0.007+4.00%
    F13.SI
    0.75-0.05-6.25%
    B20.SI
    0.188+0.007+3.87%
    A50.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.134+0.014+11.67%
    5IF.SI
    0.285+0.025+9.62%
    5SY.SI
    0.26+0.01+4.00%
    L02.SI
    0.12+0.01+8.11%
    T16.SI
    0.15+0.01+7.14%
    5MD.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.136-0.013-8.72%
    L10.SI
    0.102-0.007-6.42%
    5I1.SI
    0.75-0.05-6.25%
    B20.SI
    0.695-0.050-6.71%
    F1E.SI
    0.18-0.01-4.76%
    GJ8.SI