Gold: What a difference a week makes. It’s the biggest move of any major currency for the week. There’s big risk of further Gold price losses.
Trade Implications: Gold: Retail traders have been all-too-happy to buy into these dramatic gold price declines, and the post-FOMC Gold meltdown is not exactly a sign of healthy markets. There are almost 2 traders long Gold for every one that’s short, and that ratio is gaining. Could XAU bounce? Anything’s possible. But our markets strategist doesn’t see Gold price support until 1273, and one-sided sentiment is increasingly warning against joining the crowd in buying at these levels.
Trade Implications: Gold: Retail traders have been all-too-happy to buy into these dramatic gold price declines, and the post-FOMC Gold meltdown is not exactly a sign of healthy markets. There are almost 2 traders long Gold for every one that’s short, and that ratio is gaining. Could XAU bounce? Anything’s possible. But our markets strategist doesn’t see Gold price support until 1273, and one-sided sentiment is increasingly warning against joining the crowd in buying at these levels.