Going Into the Weekend, Gold Trades With a Mixed Bias
Spot Gold: Retail trader data shows 69.5% of traders are net-long with the ratio of traders long to short at 2.28 to 1. The number of traders net-long is 9.2% higher than yesterday and 0.9% higher from last week, while the number of traders net-short is 18.2% lower than yesterday and 28.7% 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. 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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.