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Gold: 84% of Retail Traders are Net-Long Despite Recent Consolidation

Net-Longs Increase 3% Over Past Week

Spot Gold: Retail trader data shows 84.2% of traders are net-long with the ratio of traders long to short at 5.33 to 1. The number of traders net-long is 2.9% higher than yesterday and 3.2% lower from last week, while the number of traders net-short is 0.2% higher than yesterday and 2.7% 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 is 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 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 Jake Schoenleb, DailyFX Research