Gold is struggling to move higher as haven assets remain in the doldrums. This week’s Fed policy decision and US Jobs Report are likely to wake up the precious metal.
The US dollar is lack luster in early trade but continues to build a bullish flag formation, suggesting the greenback is set to go higher. This week’s US data and events will frame the next move, but if the US dollar keeps within the Bull flag formation, then a break higher would see the recent high at 107.36 come under pressure.While the US dollar looks technically bullish, gold is starting to look bearish, at least on a short-term basis.
IG Retail Trader data shows 53.40% of traders are net-long with the ratio of traders long to short at 1.15 to 1.The number of traders net-long is 2.13% lower than yesterday and 3.38% higher than last week, while the number of traders net-short is 2.69% higher than yesterday and 6.01% lower than last week.
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