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

GOLD
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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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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.