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Gold Sentiment Suggest that Prices Might Rise

Gold Sentiment Suggest that Prices Might Rise

Jake Schoenleb,
Gold Sentiment Suggest that Prices Might Rise

Net-Longs Decrease 9% Over the Past Week

Spot Gold: Retail trader data shows 80.0% of traders are net-long with the ratio of traders long to short at 4.01 to 1. The percentage of traders net-long is now its lowest since Nov 05 when it traded near 1230.99. The number of traders net-long is 7.3% lower than yesterday and 9.0% lower from last week, while the number of traders net-short is 8.1% higher than yesterday and 3.0% 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.

Gold Sentiment Prompts a Bullish Bias

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 Jake Schoenleb, DailyFX Research

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

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