Technical Analysis

Gold:Merchants Stay Internet-Lengthy

GOLD

70.9% OF TRADERS ARE NET-LONG

Spot Gold: Retail dealer information reveals 70.9% of merchants are net-long with the ratio of merchants lengthy to brief at 2.43 to 1. The variety of merchants net-long is 1.four% larger than yesterday and 5.1% decrease from final week, whereas the variety of merchants net-short is 2.four% larger than yesterday and zero.2% larger from final week.

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CURRENT GOLD SPOT PRICE MAY REVERSE

We sometimes take a contrarian view to crowd sentiment, and the actual fact merchants are net-long suggests Spot Gold costs could proceed to fall. But merchants are much less net-long than yesterday and in contrast with final week. Latest adjustments in sentiment warn that the present Spot Gold worth development could quickly reverse larger regardless of the actual fact merchants stay net-long.

— Written by Nancy Pakbaz, CFA, DailyFX Analysis


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