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GOLD: 80% of Traders are Net-Long

GOLD: 80% of Traders are Net-Long

Richard Snow, Markets Writer
IG client sentiment on spot gold

GOLD: Increased Divergence Between Net-Longs and Net-Shorts Extends Short Bias

Spot Gold: Retail trader data shows 80.0% of traders are net-long with the ratio of traders long to short at 3.99 to 1. The number of traders net-long is 9.8% higher than yesterday and 16.5% higher from last week, while the number of traders net-short is 3.7% higher than yesterday and 23.5% lower 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 Suggests a Bearish 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.

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