Spot Gold: 77.7% of Traders are Net-Long
Spot Gold: Retail trader data shows 77.7% of traders are net-long
Spot Gold: Retail trader data shows 77.7% of traders are net-long with the ratio of traders long to short at 3.49 to 1. The number of traders net-long is 1.1% higher than yesterday and 7.4% lower from last week, while the number of traders net-short is 2.4% higher than yesterday and 3.6% higher from last week.
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Gold Sentiment Suggests Bullish Bias Based on Recent Movements
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.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.