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Gold Lacks Luster as Positioning Calls for More Losses

Gold Lacks Luster as Positioning Calls for More Losses

Gold - The ratio of long to short positions in the XAUUSD stands at 1.59 as 61% of traders are long. Yesterday the ratio was 1.67; 63% of open positions were long. Long positions are 5.7% lower than yesterday and 7.9% above levels seen last week. Short positions are 1.1% lower than yesterday and 6.9% above levels seen last week. Open interest is 4.0% lower than yesterday and 1.5% below 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 less net-long from yesterday but further long since last week. The combination of current sentiment and recent changes gives a further mixed trading bias.

How do we interpret the SSI? Watch an FXCM Expo Presentation that explains the SSI.

--- Written by Christopher Vecchio, Currency Strategist

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