Gold Price Shows Uncertainty - What’s Next?
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Spot Gold: Retail trader data shows 72.5% of traders are net-long with the ratio of traders long to short at 2.64 to 1. The number of traders net-long is 2.8% higher than yesterday and 12.9% lower from last week, while the number of traders net-short is 1.4% lower than yesterday and 8.2% higher 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.
See next article in this week’s report: AUDUSD - Australian Dollar Forecast to Continue Higher versus US Dollar
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.