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Bearish Contrarian Bias Forms as Traders Flock to Gold

Bearish Contrarian Bias Forms as Traders Flock to Gold

Dylan Jusino,
Bearish Contrarian Bias Forms as Traders Flock to Gold

Spot Gold: Retail trader data shows 80.1% of traders are net-long with the ratio of traders long to short at 4.03 to 1. The number of traders net-long is 1.6% higher than yesterday and 5.8% higher from last week, while the number of traders net-short is 15.6% lower than yesterday and 2.7% higher from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Spot Gold prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Spot Gold-bearish contrarian trading bias.

--- Written by Dylan Jusino, DailyFX Research

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

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