Gold support continues to build ahead of a pivotal week

Gold has found strong short-term support between $1,932-$1,940 and has been testing it for the past two weeks. The current spot price of gold is at $1960 and is trying to break through the 20-day moving average, which has affected the precious metal in the previous month. The upcoming week's schedule will determine the short-term future of gold.

Retail trader data shows that 64.49% of traders are buying with a buy/sell ratio of 1.82 to 1. The number of traders buying is down by 15.96% from yesterday and up by 0.28% from last week, while the number of traders selling is up by 32.33% from yesterday and down by 0.76% from last week.

We typically take a contrarian view to crowd sentiment, and the net long position is lower than yesterday but higher than last week. The combination of current sentiment and recent changes gives us a mixed trading bias in Gold.