Gold prices have extended losses in the aftermath of US CPI data, placing additional pressure on the precious metal. Get your market update from Tams707 here:
: Retail trader data shows 70.67% of traders are net-long with the ratio of traders long to short at 2.41 to 1. The number of traders net-long is 8.91% higher than yesterday and 6.34% higher from last week, while the number of traders net-short is 19.74% lower than yesterday and 18.66% lower 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. 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.
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