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Gold: Net-Long Positions Increase from Yesterday

Gold: Net-Long Positions Increase from Yesterday

2019-01-28 23:30:00
Nancy Pakbaz, CFA, Markets Writer
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Gold

RETAIL TRADERS REMAIN NET-LONG

Spot Gold: Retail trader data shows 68.4% of traders are net-long with the ratio of traders long to short at 2.16 to 1. The number of traders net-long is 8.9% higher than yesterday and 3.6% lower from last week, while the number of traders net-short is 0.2% higher than yesterday and 4.2% lower from last week.

For more in-depth analysis, check out the Q1 2019 Forecast for Gold

RECENT CHANGES SUGGEST A STRONG 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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