Gold bullish bets hit lowest since November

Gold bullish bets slipped to five months lows in the week ended April 23.
The ongoing recovery rally could be extended to $1,300.

Omkar Godbole FXStreet Contributor

The net bullish positions in the Gold futures market fell to the lowest level since November during the week ended April 23, according to the data released by the Commodity Futures Trading Commission (CFTC) on Friday.

The non-commercial futures contracts traded by large speculators and hedge funds fell by 18,878 to total a net position of 37,395 contracts. The gross bullish positions fell by 6522 contracts while the bearish positions increased by 12,356 contracts.

The yellow metal is currently trading at $1,285 per Oz, having jumped 0.69 percent on Friday, courtesy of broad based USD weakness seen post-US GDP release.

While the 5-week and 10-week moving averages are still trending south, indicating a bearish setup, a bounce to $1,300 cannot be ruled out as renewed concerns the US economy will likely keep the American Dollar on the defensive.

Pivot points

1. R3 1.1242
2. R2 1.1208
3. R1 1.1178
PP 1.1145
1. S1 1.1115
2. S2 1.1081
3. S3 1.1051

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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