(MENAFN - DailyFX) NUMBER OF TRADERS NET-SHORT HAS INCREASED BY 15.4% FROM LAST WEEK
Spot Gold: Retail trader data shows 56.2% of traders are net-long with the ratio of traders long to short at 1.28 to 1. The number of trader's net-long is 1.3% lower than yesterday and 2.2% higher from last week, while the number of trader's net-short is 0.4% higher than yesterday and 15.4% higher from last week.
To gain more insight in how we use sentiment to supplement a strategy, join us for one of our weekly webinars on how to 'Identify Trends with Sentiment':
Wednesday 00:00 GMT
Thursday 21:00 GMT
Tuesday 15:00 GMT
(click on one of the above times to enroll)
SPOT GOLD SENTIMENT SUGGESTS A MIXED SIGNAL BASED ON RECENT MOVEMENT
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Spot Gold prices may continue to fall. Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current SpotGold pricetrend may soon reverse higher despite the fact traders remain net-long.