Gold is up for the fourth week in a row, with the XAU / USD up 0.77%, close to the current week's non-farm payrolls. The advance is difficult to break at a major crossroads of technical resistance, and it could be disrupted as we deepen into the September trade. These are the updated targets and invalidation levels included in the XAU / USD weekly technical chart. This gold technical configuration and
A summary of IG Client Sentiment shows traders are net-long Gold- the ratio stands at +2.57 (72.02% of traders are long) – typically bearishreading
Long positions are2.46% higher than yesterday and 2.53% higher from last week
Short positions are3.61% lower than yesterday and 7.89% 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 positioning and recent changes gives us a stronger Gold-bearish contrarian trading bias from a sentiment standpoint.
A summary of IG Client Sentiment shows traders are net-long Gold- the ratio stands at +2.57 (72.02% of traders are long) – typically bearishreading
Long positions are2.46% higher than yesterday and 2.53% higher from last week
Short positions are3.61% lower than yesterday and 7.89% 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 positioning and recent changes gives us a stronger Gold-bearish contrarian trading bias from a sentiment standpoint.