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Gold Price Bearish as Short Positions Give Weigh

Gold Price Bearish as Short Positions Give Weigh

DailyFX Research,
Gold Price Bearish as Short Positions Give Weigh

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

Spot Gold: Retail trader data shows 82.1% of traders are net-long with the ratio of traders long to short at 4.59 to 1. The number of traders net-long is 8.8% higher than yesterday and 2.7% higher from last week, while the number of traders net-short is 1.2% higher than yesterday and 35.7% 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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