Commitment of Traders (COT) report analysis GOLD – COMMODITY EXCHANGE INC. Futures Only Positions as of 2020-08-11

Commitment of Traders (COT) Report: GOLD – COMMODITY EXCHANGE INC

The number of retail traders net-long is 2.91% higher from last week, while the number of retail traders net-short is 29.76% lower from last week.

As per contrarian view to crowd sentiment, and the fact traders are net-long suggests Gold prices may continue to fall.

Having said that traders are further net-long than last week, and the combination of current sentiment and recent changes gives us a stronger Gold-bearish contrarian trading bias.

Support: $1877 – $1782

Resistance: $2070– $2100

Gold-2020-08-11

Gold_Chart-2020-08-18