Gold Price Outlook Mired by Extreme Retail Positioning

as declared in Gold Talking PointsBroader outlook for gold prices remain tilt to the downside as the precious metal extends the bearish trend from earlier this year, and the recent rebound appears to stalling at a near-term pivot as the precious metal quickly falls back from the July-high ($1266). Gold Price Outlook Mired by Extreme Retail PositioningA look at the monthly opening range suggests a near-term top is in place amid the failed attempts to close above the $1260 (23.6% expansion) hurdle, and gold prices may continue to consolidate over the days ahead as trader sentiment sits at an extreme. The IG Client Sentiment Report shows 88.2% of traders are still net-long gold, with the ratio of traders long to short at 7.45 to 1. The update reinforces a bearish outlook for gold as retail interest remains heavily skewed, with recent price action curbing the threat for a larger recovery as both price and the Relative Strength Index (RSI) preserve the bearish formations from earlier this year. For more in-depth analysis, check out the Q3 Forecast for GoldInterested in having a broader discussion on current market themes?

Trading Outlook for USD, Euro, GBP Crosses, Gold Price & Others

Overall trading conditions warrant cautionWe started off today's webinar discussing the current trading environment as conditions haven't been ideal for making aggressive maneuvers. A lot of choppy, indecisive price action out there, but the good news is that these periods of choppy trading turn into periods of extended price moves. USD choppy, EUR/USD triangulatingGenerally, it's a chop-fest in the dollar-spectrum, with the likes of the euro and aussie highlighting some of the 'worst' price action. GBP/NZD 4-hr Chart (Rising Wedge, weakening price sequenceGold trying to cement higher lowYesterday, we were discussing the possibility of gold carving out a higher low amidst oversold conditions. Gold Price Daily Chart (Bounce into resistance?)

Gold Price Oversold; Technical Outlook for Crude Oil, FTSE, S&P 500 & More

as informed in Gold price is on the oversold side of the ledger, but below a key long-term threshold making the outlook mixed at the moment, but favoring a recovery. WTI crude oil is on the verge of testing the July '17 slope, viewed as a very important threshold. Gold price is oversold, but below big supportThe recent decline in gold price has it in an oversold state and due for a bounce, but working against it is the fact it is below the December 2015 trend-line. For more in-depth fundamental and technical analysis, check out the Q3 Forecast for Crude OilWTI Crude Oil Daily Chart (July slope just below)Brent crude broke the June 2017 trend-line on July 16, shifting focus lower. Brent Crude Oil Daily Chart (reversal bar on t-line retest)FTSE trying to break out, S&P 500 summer rally to continueThe FTSE is on the verge of trying to break free from an ascending wedge dating back a little over a month.

collected by :kiven Dixter