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Gold Prices Expected to Resume Broader Downtrend

Gold Prices Expected to Resume Broader Downtrend

David Rodriguez, Head of Product
Gold Prices Expected to Resume Broader Downtrend

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

XAUUSD - The ratio of long to short positions in the XAUUSD stands at 1.65 as 62% of traders are long. Yesterday the ratio was 1.20; 55% of open positions were long. Long positions are 60.1% higher than yesterday and 20.9% above levels seen last week. Short positions are 16.6% higher than yesterday and 60.8% above levels seen last week. Open interest is 40.3% higher than yesterday and 25.2% above 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 but moderated since last week. The combination of current sentiment and recent changes gives a further mixed trading bias.

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

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