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Can't Break To Fresh Highs, ETF Positioning Remains Stagnant

GOLD

Gold threatened fresh highs in the early part of trade as the USD was on the back foot. The precious metal breached $1935, but is now back sub $1930, as USD sentiment has stabilized somewhat. We are still higher for the session, but only modestly at +0.15%.

  • The technical backdrop still looks supportive, even if the rate of gains have slowed. Moves back to $1900 should still generate some support, while the rising 20-day EMA sits back at $1873.
  • CFTC net non-commercial longs rose further but at a more modest pace compared to the first half of January (+2.7k).
  • Gold ETF positions also remain stagnant.

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