Weekly Fundamental Gold Price Forecast: Can You Trust The Rebound In XAU/USD?
Gold: Retail trader data shows 80.66% of traders are net-long with the ratio of traders long to short at 4.17 to 1. The number of traders net-long is 1.33% lower than yesterday and 2.30% lower from last week, while the number of traders net-short is 4.76% higher than yesterday and 16.91% higher 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.
Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current Gold price trend may soon reverse higher despite the fact traders remain net-long.
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