Gold Price Soars and Sentiment Shifts
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Spot Gold: Retail trader data shows 82.4% of traders are net-long with the ratio of traders long to short at 4.68 to 1. The number of traders net-long is 9.9% lower than yesterday and 2.6% higher from last week, while the number of traders net-short is 2.6% lower than yesterday and 16.1% 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. Positioning is less net-long than yesterday but more net-long from last week. The combination of current sentiment and recent changes gives us a further mixed Spot Gold trading bias.
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