predict the direction of GOLD
Updated
Information about this week's European Central Bank monetary policy meeting will also be of interest to investors. The bank is expected to raise interest rates by a modest 25 basis points.
Hedge funds continue to scale back bearish price bets on gold, according to a recent report from the Commodity Futures Trading Commission. However, analysts note that bullish sentiment needs to improve if gold is to break through the first resistance level above $1,980 an ounce.
The asset manager reduced its total speculative long position in Comex gold futures contracts by 387 contracts to 120,222 contracts, according to a report for the week ending Aug. 29. At the same time, the short position decreased by 11,510 contracts to 69,857 contracts.
Many analysts note that gold is in a neutral trading range as the sector continues to be dominated by rising bond yields and a strong dollar strength.
The gold market is currently net long at 50,365 gold coins, slightly higher than last week's increase supported by heavy short selling. Despite the cover buying, gold prices failed to break through the resistance level at $1,980 per ounce, and the price fell to support near $1,950 per ounce during the study period.
Gold prices are likely to recover in 2023, but some analysts believe that with oil prices near one-year highs and inflation continuing, the Fed will be forced to maintain tight monetary policy. It is pointed out that there are. Over a long period of time, this creates additional golden obstacles.
Hedge funds continue to scale back bearish price bets on gold, according to a recent report from the Commodity Futures Trading Commission. However, analysts note that bullish sentiment needs to improve if gold is to break through the first resistance level above $1,980 an ounce.
The asset manager reduced its total speculative long position in Comex gold futures contracts by 387 contracts to 120,222 contracts, according to a report for the week ending Aug. 29. At the same time, the short position decreased by 11,510 contracts to 69,857 contracts.
Many analysts note that gold is in a neutral trading range as the sector continues to be dominated by rising bond yields and a strong dollar strength.
The gold market is currently net long at 50,365 gold coins, slightly higher than last week's increase supported by heavy short selling. Despite the cover buying, gold prices failed to break through the resistance level at $1,980 per ounce, and the price fell to support near $1,950 per ounce during the study period.
Gold prices are likely to recover in 2023, but some analysts believe that with oil prices near one-year highs and inflation continuing, the Fed will be forced to maintain tight monetary policy. It is pointed out that there are. Over a long period of time, this creates additional golden obstacles.
Note
GOLD BUY 1919- 1921🔼🔼🟢TP1: 1925
🟢TP2: 1930
🔴SL: 1914
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