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Gold Outlook Remains Bearish Until this Changes

Gold Outlook Remains Bearish Until this Changes

David Rodriguez, Head of Product
Gold Outlook Remains Bearish Until this Changes

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 1.84 as 65% of traders are long. Yesterday the ratio was 1.97; 66% of open positions were long. Long positions are 3.8% lower than yesterday and 12.3% above levels seen last week. Short positions are 2.7% higher than yesterday and 7.2% below levels seen last week. Open interest is 1.6% lower than yesterday and 7.6% 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 less net-long from yesterday but further long 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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