Gold: 70.6% of Traders Are Net-Long
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NET-LONG TRADERS ARE 94.4% HGHER FROM LAST WEEK
Spot Gold: Retail trader data shows 70.6% of traders are net-long with the ratio of traders long to short at 2.4 to 1. The number of traders net-long is 9.2% higher than yesterday and 94.4% higher from last week, while the number of traders net-short is 0.1% lower than yesterday and 97.3% higher from last week.
For more in-depth analysis, check out the Q1 2019 Forecast for Gold
GOLD SENTIMENT SUGGESTS MIXED TRADING 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
Follow Nancy on Twitter @ NancyPakbazFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.