Data suggests that gold may soon move higher, while the outlook for silver is mixed
According to the latest IG retail trader data, 57.27% of traders are currently net-long on gold, with the ratio of traders long to short standing at 1.34 to 1. However, there has been a notable decrease in the number of net-long traders compared to the previous day and last week. Specifically, the data shows a 4.01% decline in net-long traders from yesterday and a more substantial 14.89% drop from last week's figures.
The latest retail trader data indicates that 77.94% of traders are net-long on silver, with the ratio of traders long to short standing at a significant 3.53 to 1. However, there has been a slight decline in the number of net-long traders, with a 1.29% drop compared to yesterday and a more substantial 4.69% decrease from last week. Conversely, the number of traders holding net-short positions has increased by 7.08% compared to the previous day, although it is 7.
The decrease in net-long traders and the increase in net-short traders compared to yesterday could signal potential bearish market conditions. However, the overall net-long positioning is higher than last week, suggesting a potential bullish sentiment. This combination of current net-long sentiment and recent changes in trader positioning gives a mixed bias for silver trading, making it challenging to gauge the potential direction of price movements in the near term.
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