DailyFX.com -
Long-GoldTrade Ticks Below 80%
Spot Gold: Retail trader data shows 79.9% of traders are net-long with the ratio of traders long to short at 3.96 to 1. The number of traders net-long is 0.9% lower than yesterday and 5.9% higher from last week, while the number of traders net-short is 2.9% higher than yesterday and 9.2% lower from last week.
Gold Trades with Mixed Bias
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 less net-long than yesterday but more net-long from last week. The combination of current sentiment and recent changes gives us a further mixed Spot Gold trading bias.
--- Written by Abdullah AlAmoudi, DailyFX Research
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
