Gold Net-Long Positions Fall by 5%
Spot Gold: Retail trader data shows 64.1% of traders are net-long with the ratio of traders long to short at 1.78 to 1. The number of traders net-long is 0.4% higher than yesterday and 3.8% lower from last week, while the number of traders net-short is 5.0% lower than yesterday and 2.4% 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. Positioning is more net-long than yesterday but less net-long from last week. The combination of current sentiment and recent changes gives us a further mixed Spot Gold trading bias.
--- Written by Dylan Jusino, DailyFX Research
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