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Gold: Weekly Short Positions Fall 29% Sparking a Bearish Bias

Gold: Weekly Short Positions Fall 29% Sparking a Bearish Bias

2018-10-09 18:30:00
Jake Schoenleb,
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Gold: Weekly Short Positions Fall 29% Sparking a Bearish Bias

89% of Retail Traders are Net-Long

Spot Gold: Retail trader data shows 89.5% of traders are net-long with the ratio of traders long to short at 8.52 to 1. The number of traders net-long is 5.7% higher than yesterday and 11.4% higher from last week, while the number of traders net-short is 10.3% lower than yesterday and 29.7% 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.

Sentiment Suggests Gold Prices May Fall

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Spot Gold prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Spot Gold-bearish contrarian trading bias.

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

--- Written by Jake Schoenleb, DailyFX Research

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

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