Assessing the latest CFTC report, “Money managers aggressively increased exposure to gold back into net long territory for the first time since early August as shorts covered and new longs entered,” TD Securities analysts noted.
Key quotes
“The equity-induced safe-haven bid seems to have stabilized the yellow metal north of $1220/oz, while less dollar strength and a flat curve could see positioning continue to increase marginally.”
“But, with that said, we do not anticipate further substantial long interest without the emergence of the global convergence narrative and a major structural shift in dollar strength.”
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