XAU/USD Trend continuation

Retail trader data shows 74.9% of traders are net-long with the ratio of traders long to short at 2.99 to 1. The number of traders net-long is 1.4% higher than yesterday and 1.8% higher from last week, while the number of traders net-short is 21.7% higher than yesterday and 16.6% higher from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Spot Gold prices may continue to fall. Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current Spot Gold price trend may soon reverse higher despite the fact traders remain net-long.