Gold Outlook Remains Bearish Heading into Final Quarter of 2017

Gold Outlook Remains Bearish Heading into Final Quarter of 2017

Why and how do we use IG Client Sentiment in trading? See our guide and real-time data.

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 cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

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