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Gold Price Trend May Soon Reverse Higher per Sentiment

Gold Price Trend May Soon Reverse Higher per Sentiment

2019-04-11 15:00:00
Nancy Pakbaz, CFA, Markets Writer
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Gold

NET-SHORT POSITIONS INCREASED BY 14% FROM LAST WEEK.

Spot Gold: Retail trader data shows 73.0% of traders are net-long with the ratio of traders long to short at 2.71 to 1. The number of traders net-long is 7.6% lower than yesterday and 4.7% lower from last week, while the number of traders net-short is 9.8% higher than yesterday and 14.0% higher from last week.

To gain more insight in how we use sentiment to supplement a strategy, join us for one of our weekly webinars on how to “Identify Trends with Sentiment”:

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Change in Positioning Favors Potential Reversal

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.

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