Investors raised their long positions by 8%, while shorts were cut by 12%. In turn, gold prices have remained firm, rising above the December 4th and December 12th highs, despite a plethora of factors which would typically weigh on the precious metal, including equity markets rising to fresh record highs and progress in the US-China trade war talks.
On the technical front, topside resistance is situated at $1485-1490. Although, keep in mind that January is typically a good month for the precious metal and thus we do not rule out a possible lift towards $1500. Elsewhere, positioning changes observed in silver saw managed funds boost their longs by 6%, while shorts were reduced by 8%.