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Gold Price Outlook: Retail Traders Increase Bearish Bets

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Gold prices have been on an upward trajectory in recent weeks, prompting a cautious response from retail traders who have been increasing their bearish bets. This shift in sentiment can be observed by examining the IG Client Sentiment (IGCS), a tool often used as a contrarian indicator. Given this context, one might wonder whether there is potential for further gains in the price of gold in the upcoming trading sessions.

**Gold Sentiment Outlook - Bearish**

The IGCS data reveals that approximately 75% of retail traders are currently holding long positions on gold. This heavy skew towards bullish sentiment suggests a possibility of continued price declines in the near future. In addition, there has been a notable uptick in downside exposure, with a 23.58% increase compared to yesterday and a 26.59% rise compared to the previous week. Despite these bearish signals, it's worth noting that recent shifts in trader positioning may indicate the potential for a reversal in the price trend to the upside, even in the face of an overall bearish sentiment.

BUY LIMIT 1917 - 1919🕯

✅ TP1: 1922
✅ TP2: 1927

⚠️ SL: 1913

注释

On Monday, gold prices saw an increase as the dollar stabilized, and Treasury yields declined. This shift in the financial markets followed a Friday speech by Federal Reserve Chair Jerome Powell, in which he cautioned that additional interest rate hikes could still be on the horizon as the central bank aims to bring inflation down to its 2% target.

注释

As of the latest update, the price of gold for December delivery has increased by $3.30, reaching $1,943.20 per ounce.

This uptick in gold prices is a response to Powell's hawkish speech, which has tempered expectations that the central bank might quickly implement interest rate cuts. Instead, Powell has committed to further rate hikes until inflation shows signs of easing.

注释

On Tuesday, gold prices increased as the recent upward movement in the U.S. dollar and Treasury yields appeared to lose momentum. This occurred just before significant inflation and employment data releases scheduled for the week, which have the potential to shape future interest rate trends.

注释

At 0645 GMT, spot gold (GOLD) edged up by 0.2% to $1,923.27 per ounce, remaining near its highest point since August 10, which was achieved on Monday. In parallel, U.S. gold futures (GOLD) also increased by 0.2%, reaching $1,951.10.

注释

Kelvin Wong, a senior market analyst in Asia Pacific at OANDA, noted that gold prices are witnessing short-covering by speculators following the breakthrough of a minor key resistance level at $1,907, which also aligned with the 200-day moving average.