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CoT** sentiment for Oil WTI
The pullback off the highs meant there were some retail shorts capable of unwinding, majority sell bias dropping from 61% to just 52%, while for CoT speculators they continue to maintain extreme long sentiment, holding at 81%.
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CoT** sentiment for Gold
As for sentiment, retail bias has jumped further into extreme buy levels starting the week at 87% (silver retail at 93%, platinum at 90%), more than that of CoT speculators who with an increase in longs by 8,134 lots and a reduction in shorts by 2,312 lots are up a notch to 83% (silver at 72%, platinum 79%).
CoT** sentiment for Oil WTI
Meanwhile, the pullback has given retail shorts a chance to unwind, the bias shifting from short 55% to a now slight buy 54%, while CoT speculators have reduced their extreme buy bias to 81%.
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Gold: Retail trader data shows 80.54% of traders are net-long with the ratio of traders long to short at 4.14 to 1. The number of traders net-long is 1.75% lower than yesterday and 4.55% lower from last week, while the number of traders net-short is 6.94% lower than yesterday and 11.41% lower from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Gold prices may continue to fall.
GBP/JPY: Retail trader data shows 41.98% of traders are net-long with the ratio of traders short to long at 1.38 to 1. The number of traders net-long is 1.16% lower than yesterday and 17.07% lower from last week, while the number of traders net-short is 7.48% lower than yesterday and 16.67% lower from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests GBP/JPY prices may continue to rise.
Positioning is less net-short than yesterday but more net-short from last week. The combination of current sentiment and recent changes gives us a further mixed GBP/JPY trading bias
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CoT** sentiment for Gold
And in sentiment, retail bias is unchanged since the start of last week at an extreme long 87%, CoT speculators reducing both long and short bias – by 36,729 lots and 3,638 lots respectively – and taking extreme buy bias a notch lower to 82%. (Silver CoT long bias is at 72%, platinum at 80%, and palladium at 69%).
CoT** sentiment for Oil WTI
It's no surprise retail short bias has risen, though remains in relatively moderate sell territory at 61% opting not to heavily short these levels, while CoT speculators consistently hold an extreme buy 81% bias.
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CoT** sentiment for Gold
Retail traders in both gold and silver are holding a heavy to extreme buy bias, here dropping to 76% and to 89% in silver. CoT speculators remain extreme buy for gold but have dropped to 82% on a reduction in longs (8K) and an increase in shorts (1.2K).
GBP/USD: Retail trader data shows 39.93% of traders are net-long with the ratio of traders short to long at 1.50 to 1. The number of traders net-long is 0.55% lower than yesterday and 9.79% lower from last week, while the number of traders net-short is 10.88% lower than yesterday and 0.31% higher from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests GBP/USD prices may continue to rise.
Positioning is less net-short than yesterday but more net-short from last week. The combination of current sentiment and recent changes gives us a further mixed GBP/USD trading bias.