Gold–Trading crowds remain modestly long Gold against the US Dollar, but the largest single-day XAUUSD rally in 4 years suggests we may be at a key turning point for the precious metal.
Trade Implications – Gold: We typically take a contrarian view of crowd sentiment; if most people are long Gold we prefer to be short. Yet our Senior Market Strategist notes that Gold may be at a key cyclical turning point; if it remains above $1273, XAUUSD may actually reverse its medium-term downtrend. Receive any and all updates on my e-mail distribution list via this link.
— Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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