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Gold Forecast Turns Bullish as Crowd Fades Rally

Gold Forecast Turns Bullish as Crowd Fades Rally

XAUUSD - The ratio of long to short positions in the XAUUSD stands at -1.56 as 39% of traders are long. Yesterday the ratio was -1.48; 40% of open positions were long. Long positions are 0.5% higher than yesterday and 16.3% below levels seen last week. Short positions are 5.5% higher than yesterday and 30.1% above levels seen last week. Open interest is 3.5% higher than yesterday and 6.4% above its monthly average. We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are short gives signal that the XAUUSD may continue higher. The trading crowd has grown further net-short from yesterday and last week. The combination of current sentiment and recent changes gives a further bullish 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.