Gold Price: Trades Sub-1300 with Mixed Bias

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.

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