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Gold to Remain Below 1300 with Bearish Bias

Gold to Remain Below 1300 with Bearish Bias

2018-05-23 16:00:00
Dylan Jusino,
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Gold to Remain Below 1300 with Bearish Bias

Long-Gold Trade Appears to be Crowded

Spot Gold: Retail trader data shows 82.1% of traders are net-long with the ratio of traders long to short at 4.58 to 1. The number of traders net-long is 2.4% higher than yesterday and 3.5% higher from last week, while the number of traders net-short is 9.8% lower than yesterday and 4.6% lower from last week.

Gold Price Subdued with Bearish Sentiment

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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