Net-Long Traders Slowly Decrease as Gold Reaches Year 2018 Lows
Traders Net-Long Decrease over Weekly Basis by 4.6%
Spot Gold: Retail trader data shows 86.0% of traders are net-long with the ratio of traders long to short at 6.15 to 1. The number of traders net-long is 8.3% lower than yesterday and 4.6% lower from last week, while the number of traders net-short is 8.3% higher than yesterday and 5.8% lower from last week.
To gain more insight to how we use sentiment to power our trading, join us for our weekly Trading Sentiment webinar.
Gold Sentiment Gives No Clear Direction
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 Jack Schwarze, DailyFX Research
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.