Gold Remains Below 1300 with Mixed Signal
Long-GoldTrade Ticks Below 80%
Spot Gold: Retail trader data shows 79.9% of traders are net-long with the ratio of traders long to short at 3.96 to 1. The number of traders net-long is 0.9% lower than yesterday and 5.9% higher from last week, while the number of traders net-short is 2.9% higher than yesterday and 9.2% lower from last week.
Gold Trades with Mixed Bias
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 less net-long than yesterday but more net-long from last week. The combination of current sentiment and recent changes gives us a further mixed Spot Gold trading bias.
--- Written by Abdullah AlAmoudi, DailyFX Research
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.