Gold prices surged by nearly 1% in the last 24 hours due to an unexpected shortfall in US job openings, which has raised expectations of a more dovish Federal Reserve in the long term. Retail traders have swiftly reacted by increasing their bearish positions on XAU/USD, a trend reflected in the IG Client Sentiment (IGCS), often used as a contrarian indicator. Given this scenario, the question arises: will gold continue to advance?
**Gold Sentiment Analysis - Bullish**
The IGCS data reveals that approximately 71% of retail traders are holding long positions on gold. Since the majority remains bullish, it hints at a potential future price decline. However, it's worth noting that the exposure to the downside has grown by 16.35% over the past day and 45.24% over the past week. Considering these recent changes in exposure, it suggests that the current price trend may have further room to move upwards.
GOLD
SELL 1937-1939🕯
✔️ TP1: 1932
✔️ TP2: 1926
🚫 SL: 1943
**Gold Sentiment Analysis - Bullish**
The IGCS data reveals that approximately 71% of retail traders are holding long positions on gold. Since the majority remains bullish, it hints at a potential future price decline. However, it's worth noting that the exposure to the downside has grown by 16.35% over the past day and 45.24% over the past week. Considering these recent changes in exposure, it suggests that the current price trend may have further room to move upwards.
GOLD
SELL 1937-1939🕯 ✔️ TP1: 1932
✔️ TP2: 1926
🚫 SL: 1943
