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.