IG retail gold and silver trader data paints a negative picture for both precious metals.
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Compared to yesterday, net-long traders have increased by 2.36%, while net-short positions have decreased slightly by 0.47%. The weekly trend is even more pronounced, with net-long positions up 11.72% and net-short positions down 18.12%. IG retail trader data reveals an overwhelming bullish sentiment towards silver, with 84.00% of traders holding net-long positions. The long-to-short ratio stands at a remarkable 5.25 to 1, indicating a significant imbalance in market positioning.
Adopting a contrarian view to crowd sentiment, this extreme bullish positioning suggests silver prices may face downward pressure. Combining current sentiment and recent shifts strengthens our bearish outlook on silver.– bullish or bearish?? You can let us know via the form at the end of this piece or contact the author via TwitterUSD/CAD IG Client Sentiment: Our data shows traders are now net-long USD/CAD for the first time since Jun 04, 2024 when USD/CAD traded near 1.37.
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