Majority of Gold Traders Remain Net-Long
Spot Gold: Retail trader data shows 82.7% of traders are net-long with the ratio of traders long to short at 4.77 to 1. The number of traders net-long is 4.1% higher than yesterday and 1.5% lower from last week, while the number of traders net-short is 8.6% lower than yesterday and unchanged from last week.
Gold Traders May Want to Hold
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.