Number of traders net-short has decreased by 16.03% from last week.
CHANGE IN LONGS
CHANGE IN SHORTS
CHANGE IN OI
Gold: Retail trader data shows 82.30% of traders are net-long with the ratio of traders long to short at 4.65 to 1. Our data shows traders are now at their most net-long Gold since May 23 when Gold traded near 1,283.93. The number of traders net-long is 15.43% higher than yesterday and 1.35% higher from last week, while the number of traders net-short is 25.09% lower than yesterday and 16.03% 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.