Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.
GOLD – A sharp break higher for gold prices has coincided with an important build in retail trader selling, and a contrarian view of crowd sentiment leaves us in favor of further gains.
Trade Implications GOLD – Last week we noted that a gold price break below $1310 would confirm that the precious metal set an important top, but that obviously never happened. Instead prices have now broken above key Fibonacci resistance at $1334, and our focus turns to major resistance at year-to-date highs near $1390. Failure to hold above $1334 would negate our calls for further strength.
See next currency section: EURJPY – Euro Breakdown versus Yen Warns Against Complacency
— Written by David Rodriguez, Quantitative Strategist for DailyFX.com
Automate our SSI-based trading strategies via Mirror Trader free of charge
To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link.
Contact David via
Twitter at http://www.twitter.com/DRodriguezFX
Facebook at http://www.Facebook.com/DRodriguezFX
Gold Prices Target Yearly Highs Near $1390
No comments:
Post a Comment