Gold: Net-short position below $1485/t range – TDS

FXStreet Team FXStreet

Gold is deeply in the red while central banks are throwing the kitchen sink at this virus, as a dash-for-cash has taken precedence on all else, strategists at TD Securities brief. XAU/USD trades at 1492.66.

Key quotes

“We can observe how broadly traders and money managers have been afflicted by the need to secure through the week-on-week changes in gold's dry-powder analysis.

“While we cautioned that the bullish precious metals narrative was widespread just a month ago, we have seen gold positioning substantially decline with significantly fewer traders long today, as opposed to a decline in position size for those traders that remain long gold.”

“ExFed Chairs Bernanke and Yellen have publicly opined that the Fed should do more — particularly, by expanding their asset purchase program to buy corporate debt, among other measures. Should the Fed announce such measures, this could be a near-term catalyst to drive capital into gold once again.”

“Trend followers could be set to target a net-short position in gold should prices close below the $1485/t range.”

Author

FXStreet Team

FXStreet

EUR/USD stays well bid beyond 1.1700

EUR/USD keeps the bid tone in place toward the end of the NA session on Tuesday, trading well north of the 1.1700 barrier on the back of the intense decline in the US Dollar, all amid the resurgence of the “Sell America” trade. Moving forward, investors’ attention will be on the release of US PCE data on Wednesday.

GBP/USD eases from tops, back to 1.3460

GBP/USD is extending its winning streak into a second session, now surrendering some gains and receding toward the 1.3460 area on Tuesday. Cable’s rebound remains propped up by the persistent selling pressure on the Greenback, while the British Pound appears, for now, largely unfazed by the mixed signals from the UK labour market.

Gold conquers the $4,700 mark on Trump’s threats

Gold builds on Monday's gains and hits a new record high around $4,760 per troy ounce on Tuesday. Escalating geopolitical tensions and growing fears of deepening trade conflicts, alongside the broad-based selling pressure surrounding the US Dollar continue to fuel the yellow metal’s rally.

Bitmine scoops additional ETH, receives approval to increase authorized shares

Ethereum (ETH) treasury firm Bitmine Immersion Technologies (BMNR) increased its stash to 4.2 million ETH after acquiring 35,628 ETH last week. The firm's holdings represent 3.48% of the total ETH circulation, just 1.52% shy of its goal to acquire 5% of the supply.

Greenland tariffs: What happened, and how to position for the new Europe risk premium

Over the weekend, President Trump threatened a new round of tariffs on goods from Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland and the UK, with reporting flagging 10% from February 1 and a possible step-up later.

Crypto Today: Bitcoin, Ethereum and XRP extend correction as rising geopolitical tensions fade risky sentiment

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) prices are extending their losses on Tuesday as risk-on sentiment fades amid rising geopolitical tensions over Greenland.