Retail trader data shows 61.47% of traders are net-long with the ratio of traders long to short at 1.60 to 1.The number of traders net-long is 6.53% higher than yesterday and 5.93% lower than last week, while the number of traders net-short is 12.80% lower than yesterday and 4.17% lower than 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. Positioning is more net-long than yesterday but less net-long from last week. The combination of current sentiment and recent changes gives us a further mixed Gold trading bias.