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Modest Positioning Suggests Gold Will Continue to Lose its Luster

Modest Positioning Suggests Gold Will Continue to Lose its Luster

2013-08-15 15:35:00
Christopher Vecchio, CFA, Senior Strategist
Share:
Modest_Positioning_Suggests_Gold_Will_Continue_to_Lose_its_Luster_body_Picture_1.png, Modest Positioning Suggests Gold Will Continue to Lose its Luster

GoldThe ratio of long to short positions in the XAUUSD stands at 1.08 as 52% of traders are long. Yesterday the ratio was 1.03; 51% of open positions were long. Long positions are 0.1% higher than yesterday and 1.5% above levels seen last week. Short positions are 4.4% lower than yesterday and 0.6% below levels seen last week. Open interest is 2.1% lower than yesterday and 3.3% above its monthly average.

We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are long gives signal that the XAUUSD may continue lower. The trading crowd has grown further net-long from yesterday and last week. The combination of current sentiment and recent changes gives a further bearish trading bias.

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

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