Gold IG Client Sentiment: Our data shows traders are now at their least net-long Gold since Aug 19 when Gold traded near 1,780.78.
Number of traders net-short has increased by 17.84% from last week.
CHANGE IN LONGS
CHANGE IN SHORTS
CHANGE IN OI
Gold: Retail trader data shows 64.25% of traders are net-long with the ratio of traders long to short at 1.80 to 1. Our data shows traders are now at their least net-long Gold since Aug 19 when Gold traded near 1,780.78. The number of traders net-long is 2.38% higher than yesterday and 8.95% lower from last week, while the number of traders net-short is 8.69% higher than yesterday and 17.84% higher 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.
Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current Gold price trend may soon reverse higher despite the fact traders remain net-long.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.