Gold:Traders Remain Net-Long
70.2% OF TRADERS ARE NET-LONG
Spot Gold: Retail trader data shows 70.2% of traders are net-long with the ratio of traders long to short at 2.36 to 1. The number of traders net-long is 3.3% higher than yesterday and 20.6% higher from last week, while the number of traders net-short is 2.0% lower than yesterday and 14.5% lower from last week.
For more in-depth analysis, check out the Q1 2019 Forecast for Gold
GOLD SENTIMENT SUGGESTS A BEARISH 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. 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.