74% of Merchants are Web-Lengthy
Spot Gold: Retail dealer information exhibits 74.7% of merchants are net-long with the ratio of merchants lengthy to quick at 2.96 to 1. The variety of merchants net-long is 1.6% larger than yesterday and 1.9% larger from final week, whereas the variety of merchants net-short is four.9% decrease than yesterday and 19.7% larger from final week.
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Gold Sentiment Prompts a Blended Bias
We usually take a contrarian view to crowd sentiment, and the very fact merchants are net-long suggests Spot Gold costs could 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 additional blended Spot Gold buying and selling bias.
— Written by Fan Xu, DailyFX Analysis