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Gold May Trade Narrowly Going Into the Weekend

Gold May Trade Narrowly Going Into the Weekend

Dylan Jusino,
Gold May Trade Narrowly Going Into the Weekend

Majority of Gold Traders Remain Net-Long

Spot Gold: Retail trader data shows 83.6% of traders are net-long with the ratio of traders long to short at 5.11 to 1. The number of traders net-long is 1.2% lower than yesterday and 15.2% higher from last week, while the number of traders net-short is 3.6% lower than yesterday and 18.1% lower from last week.

Gold Trader May Want to Hold

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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