The latest leg of the rally in Gold is a stop hunt? – TDS
Source Fxstreet
The timing of Gold's incursion into new all-time highs struck several market watchers as odd, but the latest CFTC positioning data helps to inform the price action, TDS’ Senior Commodity Strategist Daniel Ghali notes.
Latest leg of the rally might be associated with a short-squeeze
“A few proprietary traders, family offices and macro funds joined the dark side over the prior week, initiating some shorts ahead of the highly anticipated start of the Fed's cutting cycle.”
“Meanwhile, our gauge of macro funds' net positioning nudged lower over the last week, which alongside max'ed out readings for CTA positioning and concurrent liquidations from Shanghai traders, reveals that the latest leg of the rally may well have been associated with a short-squeeze.”
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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Gold price (XAU/USD) holds steady near $4,600 during the early Asian session on Wednesday. The precious metal steadies as traders await a key Federal Reserve (Fed) interest rate decision later on Wednesday.
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