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Gold: Weekly Short Positions Grow 13.5%

Gold: Weekly Short Positions Grow 13.5%

Jack Schwarze,
Spot Gold Trader Sentiment

Net-Shorts Increase Over Past Week

Spot Gold: Retail trader data shows 79.9% of traders are net-long with the ratio of traders long to short at 3.97 to 1. The percentage of traders net-long is now its lowest since Sep 30 when it traded near 1191.41. The number of traders net-long is 6.6% lower than yesterday and 11.3% lower from last week, while the number of traders net-short is 15.8% higher than yesterday and 13.5% 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 Warns of Potential Bullish Reversal

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Spot Gold prices may continue to fall. Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current Spot Gold price trend may soon reverse higher despite the fact traders remain net-long.

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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