Gold: Retail trader data shows 49.48% of traders are net-long with the ratio of traders short to long at 1.02 to 1.In fact, traders have remained net-short since Dec 04 when Gold traded near 2,033.92, price has moved 0.88% higher since then. The number of traders net-long is 16.01% lower than yesterday and 15.36% lower from last week, while the number of traders net-short is 30.36% higher than yesterday and 32.02% higher from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests Goldprices may continue to rise.

Our data shows traders are now net-short Gold for the first time since Dec 04, 2023 when Gold traded near 2,033.92. Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Gold-bullish contrarian trading bias.

Source https://www.dailyfx.com/analysis/GC-IG-Client-Sentiment-202403011323.html