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Gold Price Looks Likely to Rally Further

Gold Price Looks Likely to Rally Further

David Rodriguez, Head of Product
Gold Price Looks Likely to Rally Further

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

Spot Gold: Retail trader data shows 61.0% of traders are net-long with the ratio of traders long to short at 1.56 to 1. The number of traders net-long is 5.1% higher than yesterday and 2.1% higher from last week, while the number of traders net-short is 5.9% higher than yesterday and 11.4% 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 Outlook Unclear until this Changes

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

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