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Gold: Prompts a Bearish Trading Bias

Gold: Prompts a Bearish Trading Bias

Nancy Pakbaz, CFA, Markets Writer
Gold

68.4% OF TRADERS ARE NET-LONG

Spot Gold: Retail trader data shows 68.4% of traders are net-long with the ratio of traders long to short at 2.17 to 1. The number of traders net-long is 11.2% higher than yesterday and 45.0% lower from last week, while the number of traders net-short is 2.6% higher than yesterday and 47.1% lower from last week.

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

NUMBER OF TRADERS NET-LONG MAY CONTINUE TO PUSH PRICES LOWER

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

Follow Nancy on Twitter @NancyPakbazFX

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

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