Gold Prices Remain Strong: Contrarian Indicator Suggests,...
Gold prices have maintained a more than 3 percent increase since mid-August. During this period, retail traders have consistently increased their bearish positions. A closer look at IG Client Sentiment (IGCS), which often serves as a contrarian indicator, reveals this trend. Given this information, the question arises: can the recent upward momentum in the gold market continue?
**Gold Sentiment Analysis - Bullish**
According to the IGCS data, approximately 65% of retail traders are holding long positions in gold. Since this majority is biased towards expecting higher prices, it suggests a potential decline in the future. However, it's worth noting that downside exposure has risen by 4.61% compared to yesterday and a substantial 42.15% compared to last week. Despite the overall bullish sentiment, these recent shifts in market exposure hint at the possibility of the current price trend extending further upwards.
XAUUSD
BUY 1939 - 1941🕯
✔️ TP1: 1945
✔️ TP2: 1950
🚫 SL: 1935
**Gold Sentiment Analysis - Bullish**
According to the IGCS data, approximately 65% of retail traders are holding long positions in gold. Since this majority is biased towards expecting higher prices, it suggests a potential decline in the future. However, it's worth noting that downside exposure has risen by 4.61% compared to yesterday and a substantial 42.15% compared to last week. Despite the overall bullish sentiment, these recent shifts in market exposure hint at the possibility of the current price trend extending further upwards.
XAUUSD
BUY 1939 - 1941🕯 ✔️ TP1: 1945
✔️ TP2: 1950
🚫 SL: 1935
评论:
ENTRY BUY, Start Fly
评论:
Runing +10Pips✔️
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Gold prices seemed poised to secure their second consecutive weekly increase on Friday, supported by reduced possibilities of U.S. interest rate hikes within the year. This outcome follows a week filled with significant data releases, culminating in the pivotal jobs report later in the day.
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On Friday, the price of gold stabilized at approximately $1,940 per ounce and appeared poised to register its second consecutive weekly increase. This positive trend is underpinned by increasing expectations that the Federal Reserve has concluded its rate-hiking cycle, a sentiment fueled by indications that the U.S. economy might be showing signs of slowing down.
