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  • NZX 50

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    +8.59 (+0.07%)
     

  • NZD/USD

    0.6021
    -0.0013 (-0.21%)
     

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    -0.0010 (-0.18%)
     

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Gold Prices Remain in Downtrend until this Changes

David Rodriguez

DailyFX.com -

Gold Prices Remain in Downtrend until this Changes
Gold Prices Remain in Downtrend until this Changes

Why and how do we use the SSI in trading? View our video and download the free trading guide here

XAUUSD - The ratio of long to short positions in the XAUUSD stands at 2.56 as 72% of traders are long. Yesterday the ratio was 2.90; 74% of open positions were long. Long positions are 1.6% lower than yesterday and 14.3% below levels seen last week. Short positions are 11.7% higher than yesterday and 40.5% above levels seen last week. Open interest is 1.8% higher than yesterday and 3.0% below its monthly average.

We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are long gives signal that the XAUUSD may continue lower. The trading crowd has grown less net-long from yesterday and last week. The combination of current sentiment and recent changes gives a further mixed trading bias.

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