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Gold heads lower

EURUSD Tech analysis by Simon Kazinsky on 11:26 November 07, 2017 EST

Gold continues its descend against the dollar. The yellow metal has been trading lower for the past few weeks and nothing appears to oppose its descend. Dollar has been broadly strong and gold has been unable to appreciate despite the bonanza for other commodities like oil.

Moreover, retail traders are aggressively betting on XAUUSD reverting its downward momentum. In fact almost 8 out of 10 retail traders are buyers. This is a contrarian signal that further increases the chance of further loses.