Gold Prices Remain Strong: Contrarian Indicator Suggests,...

Sep 1, 2023

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

Sep 1, 2023

Note

ENTRY BUY, Start Fly

Sep 1, 2023

Note

Runing +10Pips✔️

Sep 1, 2023

Note

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.

Sep 1, 2023

Note

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.