Gold Left Without a Clear Signal from Sentiment
Majority of Gold Traders Remain Net-Long
Spot Gold: Retail trader data shows 84.1% of traders are net-long with the ratio of traders long to short at 5.27 to 1. The number of traders net-long is 2.7% lower than yesterday and 0.7% higher from last week, while the number of traders net-short is 8.2% higher than yesterday and 15.6% 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.