Web-Longs Improve three% Over Previous Week
Spot Gold: Retail dealer knowledge exhibits 84.2% of merchants are net-long with the ratio of merchants lengthy to brief at 5.33 to 1. The variety of merchants net-long is 2.9% larger than yesterday and three.2% decrease from final week, whereas the variety of merchants net-short is zero.2% larger than yesterday and a pair of.7% decrease from final week.
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Sentiment is Unable to Present a Clear Course
We usually take a contrarian view to crowd sentiment, and the very fact merchants are net-long suggests Spot Gold costs might proceed to fall. Positioning is extra net-long than yesterday however much less net-long from final week. The mix of present sentiment and up to date adjustments provides us an extra combined Spot Gold buying and selling bias.
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— Written by Jake Schoenleb, DailyFX Analysis