Gold IG Client Sentiment: Our data shows traders are now at their most net-long Gold since Nov 10 when Gold traded near 1,876.36.
Number of traders net-short has decreased by 24.57% from last week.
CHANGE IN LONGS
CHANGE IN SHORTS
CHANGE IN OI
Gold: Retail trader data shows 88.53% of traders are net-long with the ratio of traders long to short at 7.72 to 1. Our data shows traders are now at their most net-long Gold since Nov 10 when Gold traded near 1,876.36. The number of traders net-long is 8.35% higher than yesterday and 26.72% higher from last week, while the number of traders net-short is 3.36% lower than yesterday and 24.57% lower from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Gold prices may continue to fall.
Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Gold-bearish contrarian trading bias.
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