Gold may turn bullish above $2,346 – TDS
|Precious metals traders are watching the data like hawks, and this morning's weak US Retail Sales data has given the complex a boost, TDS analysts say.
Markets are on the sidelines in Gold
“Macro investors have remained underpositioned in Gold (XAU/USD) relative to a typical cutting cycle. Macro traders seem to be happy waiting on the sidelines until there is more certainty on the timing of the coming Fed cuts. As a trend of weakening data begins to form, these investors will be more likely to enter the fray, which could ultimately be the next catalyst needed for another leg higher.”
“In this sense, the back-and-forth price action in the Yellow Metal saw some modest selling from Commodity Trading Advisors (CTAs) recently, but these positions could be added back above $2,346/oz.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.