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  • Gold Price Forecast: XAU/USD Bid on Weak Dollar, Softer Yields -via @DailyFX Link to Full Analysis: https://www.dailyfx.com/forex/market_alert/2021/05/18/gold-price-forecast-xau-usd-bid-on-weak-dollar-softer-yields.html $XAUUSD $GLD $GC_F https://t.co/Cs94yiNhfI
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More Downside in Gold Eyes as Sentiment Remains Bearish

More Downside in Gold Eyes as Sentiment Remains Bearish

Christopher Vecchio, CFA, Senior Strategist
More Downside in Gold Eyes as Sentiment Remains Bearish

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

Spot Gold: Retail trader data shows 79.4% of traders are net-long with the ratio of traders long to short at 3.86 to 1. The number of traders net-long is 1.0% lower than yesterday and 15.1% higher from last week, while the number of traders net-short is 3.1% lower than yesterday and 15.1% 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. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Spot Gold-bearish contrarian trading bias.

--- Written by Christopher Vecchio, CFA, Senior Currency Strategist

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

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

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