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Gold Trades With Mixed Bias

Gold Trades With Mixed Bias

2017-10-16 18:00:00
Dylan Jusino,
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Gold Trades With Mixed Bias

Spot Gold: Retail trader data shows 79.9% of traders are net-long with the ratio of traders long to short at 3.97 to 1. The number of traders net-long is 6.1% higher than yesterday and 2.3% higher from last week, while the number of traders net-short is 4.8% higher than yesterday and 29.6% 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.

--- Written by Dylan Jusino, DailyFX Research

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

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