Gold Prices may Fall Further until this Changes
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XAUUSD – The ratio of long to short positions in the XAUUSD stands at 1.90 as 66% of traders are long. Yesterday the ratio was 1.94; 66% of open positions were long. Long positions are 1.1% lower than yesterday and 14.0% below levels seen last week. Short positions are 1.1% higher than yesterday and 18.3% above levels seen last week.
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 less net-long from yesterday and last week. The combination of current sentiment and recent changes gives a further mixed trading bias.
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