Gold: Prices continue to hold north of $3000 – TDS
Source Fxstreet
Macro funds played a role in last week's melt-up in Gold prices, TDS' Senior Commodity Strategist Daniel Ghali notes.
Recent liquidations are likely related to constrained risk-budgets
"Our advanced positioning analytics corroborates our view that macro funds played a role in last week's melt-up in Gold prices, suggesting that recent liquidations likely related to constrained risk-budgets, as opposed to a directional view on Gold."
"Considering this cohort's net position still remains at levels broadly consistent with early-2024, and that prices continue to hold north of $3000/oz, we think their repleted warchest will chase the run higher in prices, fueling more FOMO into the yellow metal. It's still 'heads I win, tails you lose', but it's the other side of the coin that is now screaming FOMO."
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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Gold gains momentum above $4,100 after weak US NFP data Gold price (XAU/USD) gains traction to around $4,125 during the early Asian session on Friday. The precious metal extends the rally after weaker-than-expected US Nonfarm Payrolls (NFP) data reduced expectations of Federal Reserve (Fed) interest rate hikes this year.
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