XAU/USD Bullish trading bias

Retail trader data shows 77.3% of traders are net-long with the ratio of traders long to short at 3.41 to 1. The number of traders net-long is 0.6% lower than yesterday and 8.1% higher from last week, while the number of traders net-short is 5.5% lower than yesterday and 5.0% lower 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. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Spot Gold-bearish contrarian trading bias.