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Gold (XAU/USD) & Silver (XAG/USD) - Latest Retail Sentiment Analysis

Gold (XAU/USD) & Silver (XAG/USD) - Latest Retail Sentiment Analysis

Nick Cawley, Senior Strategist

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Gold (XAU/USD) & Silver (XAG/USD) - Latest Retail Sentiment Analysis

  • Trader Sentiment Shift Hints at Potential Gold Price Reversal
  • Trader Data Reveals Mixed Sentiment in Silver Market

You can Download Updated Retail Sentiment Data Below:

Gold Bearish
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 8% 0% 4%
Weekly 7% 3% 5%
What does it mean for price action?
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Gold (XAU/USD) Latest:

According to the latest IG retail trader data, 57.27% of traders are currently net-long on gold, with the ratio of traders long to short standing at 1.34 to 1. However, there has been a notable decrease in the number of net-long traders compared to the previous day and last week. Specifically, the data shows a 4.01% decline in net-long traders from yesterday and a more substantial 14.89% drop from last week's figures. Conversely, the number of traders holding net-short positions has increased, rising 11.17% higher than yesterday and a significant 16.72% higher than the previous week.

While a contrarian view of crowd sentiment typically suggests that the net-long positioning of traders could indicate further downward pressure on gold prices, the recent shifts in sentiment point to a potential reversal in the current price trend. Despite the overall net-long positioning of traders, the decreasing number of net-long traders and the increasing number of net-short traders warn that the current downward trend in gold prices may soon reverse higher, even as traders remain predominantly net-long.

Gold Daily Price Chart

image1.png
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Silver (XAG/USD) Latest:

The latest retail trader data indicates that 77.94% of traders are net-long on silver, with the ratio of traders long to short standing at a significant 3.53 to 1. However, there has been a slight decline in the number of net-long traders, with a 1.29% drop compared to yesterday and a more substantial 4.69% decrease from last week. Conversely, the number of traders holding net-short positions has increased by 7.08% compared to the previous day, although it is 7.35% lower than the figures from last week.

While a contrarian view of crowd sentiment traditionally suggests that the predominant net-long positioning of traders could indicate further downward pressure on silver prices, the recent changes in sentiment present a mixed picture.

The decrease in net-long traders and the increase in net-short traders compared to yesterday could signal potential bearish market conditions. However, the overall net-long positioning is higher than last week, suggesting a potential bullish sentiment. This combination of current net-long sentiment and recent changes in trader positioning gives a mixed bias for silver trading, making it challenging to gauge the potential direction of price movements in the near term.

Silver Daily Price Chart

image2.png

Charts via TradingView

What is your view on Gold and Silver – bullish or bearish?? You can let us know via the form at the end of this piece or contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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