"Gold specs marginally increased positioning this week as conflicting information prompted both longs and shorts to lighten their exposure to the yellow metal," note TD Securities analysts.
"While money manager and CTA short positioning remains near record levels, suggesting a short covering rally could be in the cards, commercial positions are expressing a more bullish outlook for the yellow metal."
"In fact, commercials' net length remains long and is near its highest levels since 2001, which implies they see value at current prices. That being said, we suspect that any rally in gold will remain short-lived until the dollar weakens further."
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