Gold: 76.8% of Traders Are Net-Long
NET-SHORT TRADERS DECREASED BY 21.3% FROM LAST WEEK
Spot Gold: Retail trader data shows 76.8% of traders are net-long with the ratio of traders long to short at 3.32 to 1. The number of traders net-long is 1.2% lower than yesterday and 6.7% lower from last week, while the number of traders net-short is 13.3% lower than yesterday and 21.3% lower from last week.
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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.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.