XAU/USD Bearish contrarian trading bias
Retail trader data shows 63.2% of traders are net-long with the ratio of traders long to short at 1.72 to 1. The number of traders net-long is 3.1% higher than yesterday and 17.8% higher from last week, while the number of traders net-short is 7.8% lower than yesterday and 3.5% higher from last week.
I typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Spot 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 Spot Gold-bearish contrarian trading bias.
Gold broke the support level so next target is on 1342.00.
Elitefxacademy
I typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Spot 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 Spot Gold-bearish contrarian trading bias.
Gold broke the support level so next target is on 1342.00.
Elitefxacademy
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