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  • US Treasury Sec. Yellen: - The Fed's IOER adjustment was purely technical - According to the Fed, the stance of monetary policy has not changed
  • US Treasury Sec. Yellen: - Inflation estimates for next year are consistent, hovering around 2%
  • US Treasury Sec. Yellen: - The majority of inflation expectation indicators are still stable - Inflation will return to normal levels after this year
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  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Silver: 0.59% Gold: 0.05% Oil - US Crude: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/aUkdKtKoMw
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  • June Manufacturing PMI surges and climbs to a record high of 62.6 from 62.1 in May. Get your market update from @DColmanFX here:https://t.co/MkLyc2tlFy https://t.co/nJApnsSQPh
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 89.27%, while traders in GBP/JPY are at opposite extremes with 74.01%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/NrBgCtVZvN
Gold Price May Resume Downtrend unless this Changes

Gold Price May Resume Downtrend unless this Changes

David Rodriguez, Head of Product
Gold Price May Resume Downtrend unless this Changes

Why and how do we use IG Client Sentiment in trading? See our guide.

Spot Gold: Retail trader data shows 72.9% of traders are net-long with the ratio of traders long to short at 2.69 to 1. The number of traders net-long is 2.1% lower than yesterday and 10.1% higher from last week, while the number of traders net-short is 13.2% lower than yesterday and 13.6% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Spot Gold prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Spot Gold-bearish contrarian trading bias.

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

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