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Gold’s Lackluster Performance Sees Shorts Wind down Positions for 2015

Gold’s Lackluster Performance Sees Shorts Wind down Positions for 2015

David Rodriguez, Head of Product

Why and how do we use the SSI in trading? View our video and download the free indicator here.

XAUUSD - The ratio of long to short positions in the XAUUSD stands at 2.62 as 72% of traders are long. Yesterday the ratio was 2.05; 67% of open positions were long. Long positions are 7.1% higher than yesterday and 9.5% above levels seen last week. Short positions are 16.4% lower than yesterday and 16.3% below levels seen last week. Open interest is 0.6% lower than yesterday and 6.7% below its monthly average. We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are long gives signal that the XAUUSD may continue lower. The trading crowd has grown further net-long from yesterday and last week. The combination of current sentiment and recent changes gives a further bearish trading bias.

See next currency section: EUR/USD – Crowd Still Hesitant to Let Go of Net-Short EUR/USD Position

--- Written by Christopher Vecchio, Currency Strategist

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.