Gold: 67.8% of Traders Are Net-Long
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NUMBER OF NET-LONG TRADERS ARE 7.1% LOWER FROM LAST WEEK
Spot Gold: Retail trader data shows 67.8% of traders are net-long with the ratio of traders long to short at 2.1 to 1. The number of traders net-long is 0.6% higher than yesterday and 7.1% lower from last week, while the number of traders net-short is 2.1% higher than yesterday and 6.7% lower from last week.
For more in-depth analysis, check out the Q1 2019 Forecast for Gold
GOLD PRICES MAY SOON REVERSE
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
Follow Nancy on Twitter @ NancyPakbazFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.