Gold Prices Forecast to Fall Further
Markets

Gold Prices Forecast to Fall Further

DailyFX.com -

Gold Prices Forecast to Fall Further

Why and how do we use the SSI in trading? View our video and download the free trading guide here

XAUUSD - The ratio of long to short positions in the XAUUSD stands at 1.33 as 57% of traders are long. Yesterday the ratio was 1.61; 62% of open positions were long. Long positions are 9.4% lower than yesterday and 4.4% below levels seen last week. Short positions are 9.9% higher than yesterday and 11.7% below levels seen last week. Open interest is 2.0% lower than yesterday and 4.5% below its monthly average.

We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are long gives signal that the XAUUSD may continue lower. The trading crowd has grown less net-long from yesterday but further long since last week. The combination of current sentiment and recent changes gives a further mixed trading bias.

original source

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

Learn forex trading with a free practice account and trading charts from IG .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Gold

Latest Markets Videos