Investing.com - The Investing.com weekly sentiment index published on Monday revealed that market players sharply reduced their bullish bets on gold futures in the week ending November 7.
According to the report, 54.9% of market participants held long positions in gold as of last week, down from 63.7% in the previous week.
Meanwhile, 33.1% of investors held long positions in EUR/USD last week, compared to 35.4% in the preceding week, while 52.4% of investors were long in GBP/USD, up from 51.3% a week earlier.
Elsewhere, 62.0% of market participants held long positions in USD/JPY last week, compared to 56.3% a week earlier, while 56.0% of investors were long USD/CHF, up from 54.7% in the preceding week.
Amongst the commodity-linked currencies, 50.7% were long USD/CAD, compared to 48.2% a week earlier, 46.9% held long positions in AUD/USD, down from 50.6% in the preceding week, while 53.2% were long NZD/USD, compared to 55.0% a week earlier.
The report also showed that 32.4% of investors were long on the S&P 500 last week, down from 35.4% in the preceding week.
A reading between 50%-70% is bullish for the instrument, a reading between 30% and 50% is bearish, a reading above 70% indicates overbought conditions and a reading below 30% indicates oversold conditions.
The Investing.com series of indexes is developed in-house. Each index measures overall exposure to major currency pairs, commodities and indexes, using data from futures exchanges and OTC providers on all long and short open positions.