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.
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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
