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The gold market is now net long by only 34,176 contracts as bullish speculative positioning falls to its lowest level since Oct. 16. Although bullish interest in gold continues to weaken, the price continues to hold critical support at $2,000. "We have highlighted on several occasions in recent months that both are likely to remain stuck until we get a better understanding about the delivery of future U.S. rate cuts. Until the first cut is delivered, the market may at times run ahead of itself, in the process building up rate cut expectations to levels that leave prices vulnerable to a correction," said Ole Hansen, head of commodity strategy at Saxo Bank, in a comment to Kitco News Friday.
“This highlights a set-up for the yellow metal that is ripe with asymmetry and prone to a material short squeeze as Fed officials contemplate the start of a cutting cycle. In this sense, algorithmic selling exhaustion has already morphed into buying activity, adding pressure on macro trader shorts,” the analysts said.
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Source: KitcoNewsNOW - 🏆 13. / 78 Read more »
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »