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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