NET-LONG TRADERS ARE HIGHER BY 18.three% FROM LAST WEEK
Spot Gold: Retail dealer information reveals 69.9% of merchants are net-long with the ratio of merchants lengthy to brief at 2.32 to 1. The variety of merchants net-long is 1.four% larger than yesterday and 1.four% decrease from final week, whereas the variety of merchants net-short is 6.three% decrease than yesterday and 18.three% larger from final week.
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GOLD SENTIMENT SUGGEST A FURTHER MIXED 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 mixture of present sentiment and up to date adjustments offers us an additional blended Spot Gold buying and selling bias.
— Written by Nancy Pakbaz, CFA, DailyFX Analysis