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Gold Sentiment Suggests a Bullish Bias Despite Net-Long Positions

Gold Sentiment Suggests a Bullish Bias Despite Net-Long Positions

Fan Xu,
IG Client Sentiment

Net-Short is 15% Higher

Spot Gold: Retail trader data shows 76.8% of traders are net-long with the ratio of traders long to short at 3.31 to 1. The number of traders net-long is 0.5% higher than yesterday and 5.5% lower from last week, while the number of traders net-short is 5.0% higher than yesterday and 15.0% 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.

Gold Price May Rise in Near-term

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.

--- Written by Fan Xu, DailyFX Research

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

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