Gold: 69.9% of Traders Are Net-Long
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NET-LONG TRADERS ARE HIGHER BY 18.3% FROM LAST WEEK
Spot Gold: Retail trader data shows 69.9% of traders are net-long with the ratio of traders long to short at 2.32 to 1. The number of traders net-long is 1.4% higher than yesterday and 1.4% lower from last week, while the number of traders net-short is 6.3% lower than yesterday and 18.3% higher from last week.
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GOLD SENTIMENT SUGGEST A FURTHER 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. 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.
--- Written by Nancy Pakbaz, CFA, DailyFX Research
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.