Gold Price Mixed Going into Weekend
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Spot Gold: Retail trader data shows 80.9% of traders are net-long with the ratio of traders long to short at 4.23 to 1. The number of traders net-long is 2.3% lower than yesterday and 13.9% lower from last week, while the number of traders net-short is 8.7% lower than yesterday and 5.2% 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 more net-long than yesterday but less net-long from last week. The combination of current sentiment and recent changes gives us a further mixed Spot Gold trading bias.