Gold Outlook Remains Bearish Heading into Final Quarter of 2017

| 29 september, 2017 | 0 kommentarer

Gold Outlook Remains Bearish Heading into Final Quarter of 2017

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Spot Gold: Retail trader data shows 74.2% of traders are net-long with the ratio of traders long to short at 2.87 to 1. The number of traders net-long is 1.5% lower than yesterday and 0.2% lower from last week, while the number of traders net-short is 3.3% lower than yesterday and 18.8% lower from last week.

We 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.

— Written by Christopher Vecchio, CFA, Senior Currency Strategist

To contact Christopher Vecchio, e-mail [email protected]

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Kategori: Analys från DailyFX

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