Gold Price Forecast: “Money managers liquidated some gold (Yellow Metal) longs and added to shorts as debt ceiling optimism and resilient data helped clear formation of a triple top. Nevertheless, our positioning analytics argue that selling exhaustion is imminent.
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“We anticipate a higher bar for subsequent CTA trend follower liquidation, while discretionary traders remain low and Shanghai traders begin buying gold once again.”
“As expectations for a deeper Fed cut cycle hike, discretionary traders should increasingly deploy their capital hoarding in the yellow metal, should gold see new highs before year-end.”
