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Gold: The Mixing of Biases Gives No Clear Direction

Gold: The Mixing of Biases Gives No Clear Direction

Jack Schwarze,
Spot Gold Client Positioning

Nearly 20% Increase in Net-Short Traders

Spot Gold: Retail trader data shows 83.7% of traders are net-long with the ratio of traders long to short at 5.15 to 1. The number of traders net-long is 5.8% higher than yesterday and 6.0% lower from last week, while the number of traders net-short is 15.7% lower than yesterday and 19.6% higher from last week.

To gain more insight to how we use sentiment to power our trading, join us for our weekly Trading Sentiment webinar.

Sentiment Suggests 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 more net-long than yesterday but less net-long from last week. The combination of current sentiment and recent changes gives us a further mixed Spot Gold trading bias.

Recommended Reading: Weekly CoT Sentiment Update for Major FX, Commodities, and Indices

--- Written by Jack Schwarze, DailyFX Research

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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