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GOLD – Forex trading crowds are near their most long Gold versus the US Dollar since it set an important low through March. A contrarian view of crowd sentiment favors further breakdowns.
Trade Implications GOLD – Gold failed to capitalize on early signs of a potential reversal higher, and one-sided crowd sentiment leaves us steadily in favor of further weakness. Our Senior Strategist writes that continued consolidation at these levels points to a major Gold price move through the coming days.
See next currency section: EURJPY – Further Euro Weakness Likely versus Yen
— Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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Gold at Material Risk of Further Breakdown
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