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CFTC: Gold specs lower web size final week – TD Securities

“As anticipated, gold specs lower web size final week, re-entering brief positions and liquidating longs as a hawkish Powell noticed the greenback make new highs,” TD Securities mentioned in a lately revealed report assessing the most recent weekly CFTC report.

Key quotes

“However shortly after printing the $1200/ouncesmark, the yellow steel was rescued by secure haven bids and brief protecting. Certainly, European politics within the type of thorny Brexit negotiations offered some curiosity, whereas Fed audio system on Friday sounded a way more dovish tone with regard to a worldwide slowdown which noticed the dollar and charges come off the highs.”

“These components ought to present brief time period help, however we keep the view elementary shift within the sturdy greenback regime will probably be wanted earlier than gold can break materially greater.”

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