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“The commitment of traders data highlighted the uncertainty in the market as discretionary traders added shorts roughly in line with new length, highlighting that macro traders remain historically underinvested for a Fed cutting cycle,” said commodity analysts at TD Securities. “But, with that said, this represents a cohort that can still add further upside in the market once the macro landscape is forecasted with more conviction.
prices rallied nearly 2% to their record closing price Friday, the world’s biggest gold-backed exchange-traded fund, SPDR GoldShares saw inflows of less than 1 tonne.Philip Streible, chief market strategist at Blue Line Futures, said that he has been taking advantage of gold’s momentum but doesn’t have much conviction in this rally just yet. He added that he is maintaining tight stop losses in his long positions.