September 29, 2025/Capital.com

Latest client sentiment data from Capital.com shows a surge in bullish positioning across major asset classes, with retail traders leaning heavily into gold and US equity indices while adjusting positions in FX and commodities.

Indices: Strong Buy Bias Across US Markets

Retail traders increased their long bias across all four major US equity indices last week. Notably:

• S&P 500: Long positions climbed to 73%, up from 67% the previous Monday, putting sentiment firmly in heavy buy territory.
• Dow Jones: Long bias strengthened to 66%, from 56% a week earlier.
• Russell 2000: Traders showed a robust 76% long bias, edging close to extreme buy.
• Nasdaq 100: Shifted from a slight sell (53% short) at the start of last week to a 59% majority long by this week.

Commodities: Gold and Silver Attract Buyers, Oil Cools

Precious metals saw intensified demand as traders re-entered long positions:

• Gold: Heavy buying rose to 67%, up from 63% the week prior, as traders looked to re-establish positions after profit-taking.
• Silver: Slight increase to 69% from 68%, echoing gold’s pattern.
• WTI Crude Oil: Experienced a significant unwind, falling to 71% long from 88% the previous Monday, though unwinding longs cooled later in the week.

FX: Euro and Sterling Gain Favor, Yen Levels Out

Retail traders adjusted their FX positions with notable moves in major pairs:

• EUR/USD: Shifted from a slight long bias (51%) to a stronger 57% majority long.
• GBP/USD: Increased long positions to 64%, up from 60%.
• USD/JPY: Neutralised, falling back from a 60% majority long to near-balanced positioning.

Commenting on the data,  Monte Safieddine, Head of Market Research, MENA at Capital.com, said: 

“Our clients are showing clear conviction in gold and US indices, which are now firmly in buy territory. The shift in Nasdaq from a short bias to a majority long is particularly striking, suggesting traders are positioning for momentum. At the same time, the unwind in oil shows how quickly sentiment can cool, even in a strongly trending market.”