The XAU/USD pair rose sharply ahead of the Christmas holiday and extended its rally two days later when investors returned on Thursday. After touching its highest level since early November at $1514 on Friday, however, the pair lost its momentum and was last seen trading flat on the day near $1513.
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Gold Investors Raised Their Long Positions by 8%
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.