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Gold: Traders Increase Their Net-Long Position by 11.7% from Last Week

Gold: Traders Increase Their Net-Long Position by 11.7% from Last Week

Nancy Pakbaz, CFA, Markets Writer
gold

74% OF TRADERS ARE NET-LONG

Spot Gold: Retail trader data shows 74.0% of traders are net-long with the ratio of traders long to short at 2.85 to 1. The number of traders net-long is 0.3% lower than yesterday and 11.7% higher from last week, while the number of traders net-short is 10.9% higher than yesterday and 5.5% 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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GOLD: SENTIMENT PROMPTS A 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 less net-long than yesterday but more 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.

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