Commitment of Traders (COT) Report: GOLD – COMMODITY EXCHANGE INC
The number of retail traders net-long is 1.46% higher from last week, while the number of net-short is 2.75% higher from last week.
As per contrarian view to crowd sentiment, and the fact traders are net-long suggests Gold prices may continue to fall.
Institutions unwinding their longs from past three weeks, if this heavy unwinding is continue by institutions and further longs buildup on the retailers side is continue, then there is a high probability to break the support of $1877 this time and testing lows around $1800
Support: $1877 – $1782
Resistance: $2070– $2100