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Gold Price Outlook Turns Positive

Gold Price Outlook Turns Positive

David Rodriguez, Head of Product
Gold Price Outlook Turns Positive

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

Spot Gold: Retail trader data shows 62.0% of traders are net-long with the ratio of traders long to short at 1.63 to 1. The percentage of traders net-long is now its lowest since Mar 31 when it traded near 1248.9. The number of traders net-long is 1.1% lower than yesterday and 11.3% lower from last week, while the number of traders net-short is 25.3% higher than yesterday and 45.2% 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. Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current Spot Gold price trend may soon reverse higher despite the fact traders remain net-long.

See next article in this week’s report: AUDUSD - Australian Dollar Forecast Mixed, Next Move is Key

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

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