68.four% OF TRADERS ARE NET-LONG
Spot Gold: Retail dealer knowledge reveals 68.four% of merchants are net-long with the ratio of merchants lengthy to quick at 2.17 to 1. The variety of merchants net-long is 11.2% greater than yesterday and 45.zero% decrease from final week, whereas the variety of merchants net-short is 2.6% greater than yesterday and 47.1% decrease from final week.
For extra in-depth evaluation, try the Q1 2019 Forecast for Gold
NUMBER OF TRADERS NET-LONG MAY CONTINUE TO PUSH PRICES LOWER
We sometimes 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 mix of present sentiment and up to date modifications provides us a stronger Spot Gold-bearish contrarian buying and selling bias.
— Written by Nancy Pakbaz, CFA, DailyFX Analysis
Observe Nancy on Twitter @NancyPakbazFX