Gold IG Client Sentiment: Our Data Shows Traders Are Now At Their Most Net-Long Gold Since May 19 When Gold Traded Near 1,841.76.

Date

7/5/2022 11:30:41 PM

(MENAFN- DailyFX) Number of traders net-short has decreased by 16.63% from last week.

SYMBOL

TRADING BIAS

NET-LONG%

NET-SHORT%

CHANGE IN LONGS

CHANGE IN SHORTS

CHANGE IN OI

Gold

BEARISH

87.94%

12.06%

6.48% Daily

4.12% Weekly

-27.19% Daily

-16.63% Weekly

0.85% Daily

1.09% Weekly

Gold : Retail trader data shows 87.94% of traders are net-long with the ratio of traders long to short at 7.29 to 1. Our data shows traders are now at their most net-long Gold since May 19 when Gold traded near 1,841.76. The number of traders net-long is 6.48% higher than yesterday and 4.12% higher from last week, while the number of traders net-short is 27.19% lower than yesterday and 16.63% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Gold prices may continue to fall.

Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Gold-bearish contrarian trading bias.

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