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“Gold specs returned to reducing length, as investors took profits amid a more stable equity market,” point out TD Securities reviewing the latest CFTC report.

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But, with the equity market still on edge and the VIX north of 20, along with the US dollar easing off the highs and the Chinese Yuan strengthening amid trade optimism, traders likely took on some new longs at the end of the week.”

“But given the strong US economic data and with the dollar remaining relatively strong, we do not anticipate enough investor interest to drive gold materially above $1,240/oz in the near term. “