Gold: Weekly Short Positions Drop 12%
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82% of Retail Traders are Net-Long
Spot Gold: Retail trader data shows 82.2% of traders are net-long with the ratio of traders long to short at 4.63 to 1. The number of traders net-long is 6.8% lower than yesterday and 3.0% lower from last week, while the number of traders net-short is 5.1% higher than yesterday and 12.1% lower from last week.
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Sentiment Unable to Provide a 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.
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.