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Gold – Retail FX traders remain long Gold prices, and a contrarian view of crowd sentiment would typically lead us to call for further declines. A notable moderation in sentiment nonetheless warns that further losses are far from guaranteed. Long interest has fallen notably overnight and short interest has fallen by less.
It’s early yet, but such shifts often occur at important turns in price action. The next moves may prove pivotal.
See next currency section: EURUSD – Euro Risks to Topside, but FOMC Decision Remains Critical
— Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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