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  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.13%, while traders in GBP/JPY are at opposite extremes with 70.14%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/XXOjh5LmaB
  • Silver price action stalls between Moving Averages. Platinum prices currently confined by Fibonacci Support. Get your market update from @Tams707 here:https://t.co/Nbl8FDmfps https://t.co/VyuZzP8w2q
  • US Markets at the Close $NDX 12464.0 -1.73% $SPX 3768.49 -1.34% $DJI 30924.14 -1.11%
  • USD/JPY stronger during trade, now pushing towards 108 level $USDJPY https://t.co/GemouFGvHF
  • Indices Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.02% US 500: -0.03% Germany 30: -0.52% FTSE 100: -0.53% France 40: -0.71% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/jsQ36v1JJy
  • USD/CAD put in a test at the 1.2500 psychological level last week, but bulls following the falling wedge for topside breakouts may have to wait for a bit longer. Get your $USDCAD market update from @JStanleyFX here:https://t.co/81i2hiJT53 https://t.co/G0tuoC80CH
  • Gold continues its decline, now trading below $1,700 $XAUUSD https://t.co/PbAygJY9Yt
  • $USDJPY in full on bull mode longer-term, a really strong breakout from the falling wedge formation https://t.co/FDaE6Qzbfj https://t.co/23ubngiXnQ
  • USD/CHF sharply higher, extending recent gains https://t.co/sEukWUYhBU
  • Canadian Dollar Price Forecast: USD/CAD Holds Support as USD Drives https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2021/03/04/Canadian-Dollar-Price-Forecast-USDCAD-USD-CAD-Holds-Support-as-USD-Drives.html $USDCAD https://t.co/pw7XkF7F7n
Gold Price Forecast to Fall Further on Key Sentiment Shift

Gold Price Forecast to Fall Further on Key Sentiment Shift

David Rodriguez, Head of Product
Gold Price Forecast to Fall Further on Key Sentiment Shift

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

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 4.3% lower than yesterday and 18.3% higher from last week, while the number of traders net-short is 1.3% higher than yesterday and 38.7% 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. Positioning is less net-long than yesterday but more net-long from last week. We nonetheless view that the broader shift towards Gold buying gives clear contrarian signal that Gold Prices may continue lower.

See next article in this week’s report: AUDUSD - Australian Dollar Forecast may Shift Given Key Change in Sentiment

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

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