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Gold supported by entrenched CTA longs as rate-hike bets fade
TD Securities says a Fed pause should keep gold supported while silver could see extra systematic buying if it breaks above $66.80/oz.
TD Securities analysts Ryan McKay and Bart Melek said gold is seeing increasingly entrenched CTA (Commodity Trading Advisors) net long positioning as discretionary demand improves. They added that a Fed likely to remain on hold could help keep the precious metal supported near the upper end of its recent range.
FXStreet also highlighted gold’s rebound after it traded close to $4,300 earlier in the session and pushed toward $4,400. The outlet tied the move to easing expectations for a September Fed rate hike, alongside weaker US data weighing on the dollar.
For silver, the analysts pointed to near-term systematic flows, saying a break above $66.80 per ounce is likely to draw in further buying.
In parallel, FXStreet noted the US dollar stayed under pressure after disappointing retail sales, helping GBP/USD advance to a fresh monthly high and EUR/USD move higher above 1.1500, while traders scaled back bets for a September rate hike.
Latest closeGold $4,408.20 ▼0.0%|Silver $64.53 ▼1.6%|EUR/USD 1.153 ▼0.1%