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Gold Sell-Off May Pan Out Based on Sentiment

Gold Sell-Off May Pan Out Based on Sentiment

2018-04-06 18:00:00
Dylan Jusino,
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Spot Gold: Retail trader data shows 71.7% of traders are net-long with the ratio of traders long to short at 2.54 to 1. The number of traders net-long is unchanged than yesterday and 0.1% lower from last week, while the number of traders net-short is 3.5% lower than yesterday and 4.3% 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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