GOLD 0.51% $1,391.7 gold futures

From Bank of America, something I raised a few weeks ago re...

  1. 4,485 Posts.
    From Bank of America, something I raised a few weeks ago re speculative shorts on COMEX, seems others in the know agree. Chance of a short covering rally?

    Precious Metals: The consolidation in gold continues as CFTC data shows another reduction in the managed money length, now at 3 million ounces, approaching last year’s lows (the market is still net long because of all the hedges kept against various commodity indices and some ETF products, and if that were to be stripped out, the total spec position would be showing a sizeable short position). The rest of the complex is still bumping along on their recent lows, with the pockets of buying that is being seen being easily met by ready sellers. The plan remains the same to fade rallies as the USD strength shows no sign of abating, which should continue to provide significant headwinds to the complex.
 
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