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Gold May Be Ripe for Sell-Off

Gold May Be Ripe for Sell-Off

Dylan Jusino, Contributor

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Spot Gold: Retail trader data shows 81.5% of traders are net-long with the ratio of traders long to short at 4.4 to 1. The number of traders net-long is 1.7% higher than yesterday and 1.9% higher from last week, while the number of traders net-short is 8.0% lower than yesterday and 8.2% lower 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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