Gold IG client sentiment: traders net-long first time since 1 Mar 2024, when it was near 2,082
Gold's gleam wanes: surging long bets and shrinking shorts signal potential price dip, despite recent 4.24% climb.
Number of traders net-short has decreased by 16.42% from last week
Gold: retail trader data shows 50.43% of traders are net-long with the ratio of traders long to short at 1.02 to 1. In fact, traders have remained net-long since 01 March when gold traded near 2,082.75, price has moved 4.24% higher since then.
The number of traders net-long is 11.14% higher than yesterday, and 7.51% higher from last week, while the number of traders net-short is 6.18% upper than yesterday and 16.42% lower from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long, suggesting gold prices may continue to fall.
Our data shows traders are now net-long gold for the first time since 01 March 2024, when gold traded near 2,082.75. 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.
Gold client positioning chart
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The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer.
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