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Forex Flash: We believe sentiment regarding Gold has become to bearish – Nomura

FXstreet.com (Barcelona) - The gold market was unable to continue its previous 5 day winning streak, closing down 0.91% at 1412.70. Some analysts are looking at sentiment figures and the options market for keys to the next move.

According to analysts at Nomura, “We recently presented our gold view at an Amsterdam conference, and conducting an informal straw poll, using a show of hands of around 40 people, the vast majority were bearish, with only a handful unsure about what happens next and just two individuals were bullish.”

Furthermore they added, “Implied volatility has begun to come off from the peak and also risk reversals remain heavily skewed towards the downside, hence we think gold calls are likely to provide a relatively “safe” way of trading upside in gold, without the risks of being stopped out from large downside troughs.”

Japan Mar Corporate Service Price (YoY) down to -0.2% vs 0.1%

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Forex: EUR/JPY pushing higher, still negative for the week below 130

EUR/JPY is currently pushing to the upside last at 129.68 on the back of Yen weakness as Nikkei index just opened in Tokyo at fresh almost 5-year highs above the 13700 points mark. The cross is still barely below previous weekly close Friday, mostly due to Euro weakness, but managing to bounce from yesterday's weekly lows at 127.90.
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