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Net-Long Positions Near the Highest Level This Year

Spot Gold: Retail trader data shows 84.9% of traders are net-long with the ratio of traders long to short at 5.61 to 1. The number of traders net-long is 1.4% higher than yesterday and 2.4% lower from last week, while the number of traders net-short is 0.2% higher than yesterday and 6.6% lower from last week.

Gold Trades With Bearish 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. 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 Abdullah AlAmoudi, DailyFX Research