Technical Analysis

Gold: Web-Lengthy Positions Improve from Yesterday

Gold

RETAIL TRADERS REMAIN NET-LONG

Spot Gold: Retail dealer knowledge exhibits 68.four% of merchants are net-long with the ratio of merchants lengthy to brief at 2.16 to 1. The variety of merchants net-long is eight.9% increased than yesterday and three.6% decrease from final week, whereas the variety of merchants net-short is zero.2% increased than yesterday and four.2% decrease from final week.

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RECENT CHANGES SUGGEST A STRONG BEARISH 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. Merchants are additional net-long than yesterday and final week, and the mixture of present sentiment and up to date modifications offers us a stronger Spot Gold-bearish contrarian buying and selling bias.

— Written by Nancy Pakbaz, CFA, DailyFX Analysis


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