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Bearish Sentiment Signal for Gold Price

Bearish Sentiment Signal for Gold Price

Martin Essex, MSTA, Analyst

Gold price, news and analysis:

  • Retail trader positioning data show that 82% of traders are net-long gold while only 18% are net-short.
  • A contrarian view of crowd sentiment suggests that the outlook is therefore bearish.

Bearish signal for gold price

Retail traders are heavily net-long gold, according to the latest positioning data. At DailyFX, we typically take a contrarian view of crowd sentiment and that means the outlook for the gold price is bearish.

Latest gold price sentiment data.

From a fundamental perspective, gold is off its near-term highs on a firm US Dollar, jitters ahead of an important speech by Federal Reserve Chair Jerome Powell at the Economic Club of New York later Wednesday and the upcoming meeting of US President Donald Trump and Chinese President Xi Jinping at the G20 meeting that begins Friday in Argentina.

Gold Price Chart, 30-Minute Timeframe (November 13-28, 2018)

Latest gold price chart.

Chart by IG

Technically too the outlook is not too positive, although the gold price has stabilized Wednesday after its falls Tuesday.

More to read:

How to Trade Gold: Top Gold Trading Strategies and Tips

Resources to help you trade the forex markets

Whether you are a new or an experienced trader, at DailyFX we have many resources to help you:

--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex

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

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