Gold Net-Longs Approach Highest Levels of The Year
Net-Long Positions 13% Higher Since Last Week
Spot Gold: Retail trader data shows 86.7% of traders are net-long with the ratio of traders long to short at 6.53 to 1. The number of traders net-long is 1.0% lower than yesterday and 13.1% higher from last week, while the number of traders net-short is 2.8% higher than yesterday and 9.8% lower from last week.
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Gold Sentiment Shifts Gives 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 Yayati Tanwar, DailyFX Research
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.