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Gold Sentiment Gives a Strong Bearish Bias

Gold Sentiment Gives a Strong Bearish Bias

Nancy Pakbaz, CFA, Markets Writer
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PERCENTAGE OF NET-LONG TRADERS CONTINUE TO INCREASE

Spot Gold: Retail trader data shows 77.7% of traders are net-long with the ratio of traders long to short at 3.49 to 1. The number of traders net-long is 0.7% higher than yesterday and 5.5% higher from last week, while the number of traders net-short is 5.2% lower than yesterday and 3.1% 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.

POTENTIAL DECREASE IN GOLD PRICES LEADS TO A BEARISH 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. 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.

--- Written by Nancy Pakbaz, CFA, DailyFX Research

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

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