Last week we saw a gold rally from the start of the week until Friday when price sold off sharply towards the last 6 hours of the trading week. The Large speculators have been buying gold heavily for quite a while now. Accumulation by the big banks (due to risk off scenarios) is the reason for the bullish run we saw in gold. The new COT data shows that they took profit on their longs positions (they sold 1600 long contracts) and added 3231 short contracts. The Inflation numbers that came out last week are higher than expected as rate cut was being priced out of the market. This should appreciate the USD as you've pointed out. Now, they're taking profit and offloading their gold long portfolio because of the high inflation numbers while. Now that FED is holding rates, I'm positing there will still be a rate hike if inflation gets out of hand and worsen.
@Trading180
5 ай бұрын
Thanks for your analysis much appreciated. I agree there is likely to be some profit taking on gold but overall any pullbacks really should be a buy over the medium to long term as the fed are just delaying cuts in the short term. Key to usd weakness will be inflation returning to 2%
@papitocoulibaly993
5 ай бұрын
Thank you for that great work and data you provide that help so much, from 🇳🇪 🙏🏾
@Trading180
5 ай бұрын
Glad it was helpful
@aleksaaki29
5 ай бұрын
Thoughts on current conflict in the middle east, and its possible effects on this weeks forecast? Thanks in advance!
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