Gold: Net Long Positions Continue to Decrease
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NET-LONG TRADERS ARE 4.8% LOWER FROM LAST WEEK
Spot Gold: Retail trader data shows 69.4% of traders are net-long with the ratio of traders long to short at 2.27 to 1. The percentage of traders net-long is now its lowest since Sep 03 when it traded near 1200.97. The number of traders net-long is 2.9% lower than yesterday and 4.8% lower from last week, while the number of traders net-short is 32.3% higher than yesterday and 15.2% higher from last week.
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GOLD SENTIMENT REMAINS A MIXED 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.
--- Written by Nancy Pakbaz, CFA, DailyFX Research
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.