NUMBER OF TRADERS NET-SHORT HAS INCREASED BY 15.4% FROM LAST WEEK
Spot Gold: Retail trader data shows 56.2% of traders are net-long with the ratio of traders long to short at 1.28 to 1. The number of trader’s net-long is 1.3% lower than yesterday and 2.2% higher from last week, while the number of trader’s net-short is 0.4% higher than yesterday and 15.4% higher from last week.
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SPOT GOLD SENTIMENT SUGGESTS A MIXED SIGNAL BASED ON RECENT MOVEMENT
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.