According to the data received from the US Commodity Futures Trading Commission (CFTC); Expectations that the Federal Reserve will meet the growing threat of inflation with aggressive rate hikes are making investors hesitant to recruit investors into the gold market. On the other hand, there are various expectations regarding gold prices. As Kriptokoin.com we are providing the details…
Analyst: Gold fiadollars must be above $1,830
CFTC’s for the week ending Jan. The report showed that money managers slashed their speculative gross longs on Comex gold futures by 6,137 to 124,252. At the same time, open interest increased by 1,982 contracts to 44,744. Long positions opened in gold are at 79,508 relatively unchanged compared to the previous week. Analisdollarser points out that the Fed’s upcoming interest rate hikes may limit gold prices in the near term. According to the CME FedWatch Tool, markets are currently pricing in four rate hikes this year, with the first move coming in March. Commodities analystsdollarseries at TD Securities used the following statements:
According to experts, investors had a mixed response to the recent hawkish statements from the Federal Reserve and the acceleration of the worldwide epidemic. On the one hand, the Fed’s ever-higher tone encouraged money managers to aggressively reduce their long-term exposure to gold. On the other hand, concerns about a global slowdown and possible hedging have caused speculators to firmly close their short positions.
Saxo Bank’s head of commodities strategy, Ole Hansen, said that real bond yields point to resilient strength in the gold market as real bond yields hit a six-month high. However, he added that gold must be held above $1,830 for a fresh rise.
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