Retail Traders Turn Bullish on Equities and FX, Ease Off Precious Metals

Markets are seeing mixed positioning across indices, light profit-taking in commodities, and shifting stances in FX.

Indices: Clients are leaning heavier into the S&P (67% buy vs 65% last week), while the Nasdaq edges closer to balance (53% sell vs 55%). Russell 2000 longs rise (73% vs 71%) as traders step back in on pullbacks. Notably, the Nikkei flips from slight sell (51%) to majority buy (58%).

Commodities: The gold rally prompted profit-taking (63% buy vs 66%), while silver stays in heavy buy territory (68%). WTI crude remains at extreme long levels (88%), highlighting conviction in energy.

FX: Traders reversed positioning in the majors: EUR/USD shifts from 57% short to 51% long, mirrored by GBP/USD moving from 56% short to 60% long. Meanwhile, AUD/USD buyers increase (60%) and GBP/JPY flips from heavy sell (66%) to majority buy (63%).

“What we’re seeing is a notable recalibration of risk appetite,” said Monte Safieddine, Head of Market Research, MENA at Capital.com. “Traders are leaning back into equities and FX majors as pullbacks present opportunities, while trimming some commodity exposure after recent price strength.Overall, clients are showing renewed appetite for risk in equities and FX, while lightening up in gold after its lift.”

Sentiment is gauged from over 750k active clients trading globally on Capital.com, w/w, as at 5am UTC, 22 Sept 2025