NUMBER OF NET-LONG TRADERS ARE 15% HIGHER FROM LAST WEEK
Spot Gold: Retail dealer knowledge exhibits 79.zero% of merchants are net-long with the ratio of merchants lengthy to quick at three.77 to 1. The variety of merchants net-long is zero.2% decrease than yesterday and 15.zero% increased from final week, whereas the variety of merchants net-short is eight.1% decrease than yesterday and 23.6% decrease from final week.
GOLD SENTIMENT CONTINUES TO SUGGEST A BEARISH TRADING BIAS
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. Merchants are additional net-long than yesterday and final week, and the mix of present sentiment and up to date adjustments provides us a stronger Spot Gold-bearish contrarian buying and selling bias.
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— Written by Nancy Pakbaz, CFA, DailyFX Analysis
Comply with Nancy on Twitter @NancyPakbazFX