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Gold Lacks Luster as Positioning Calls for More Losses

Gold Lacks Luster as Positioning Calls for More Losses

Christopher Vecchio, CFA, Senior Strategist
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

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

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