Gold support continues to build ahead of a pivotal week

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Gold has found strong short-term support between $1,932-$1,940 and has been testing it for the past two weeks. The current spot price of gold is at $1960 and is trying to break through the 20-day moving average, which has affected the precious metal in the previous month. The upcoming week's schedule will determine the short-term future of gold.

Retail trader data shows that 64.49% of traders are buying with a buy/sell ratio of 1.82 to 1. The number of traders buying is down by 15.96% from yesterday and up by 0.28% from last week, while the number of traders selling is up by 32.33% from yesterday and down by 0.76% from last week.

We typically take a contrarian view to crowd sentiment, and the net long position is lower than yesterday but higher than last week. The combination of current sentiment and recent changes gives us a mixed trading bias in Gold.

Related Ideas


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.