- Julius Baer (based on The Economic Times)
of gold prices remains quite high for the moment, as we are nearing the crucial meeting of the Fed, which is weighing on the Dollar's value. Yesterday we saw the bullion tumbling from Friday highs at 1,085 to July low around 1,070. The monthly used to be a heavy obstacle for the bulls, meaning short traders are confident in their commitment of pushing prices lower in the mid-term. We are watching the summer low today, a decline below which should prolong a sell-off in the direction of the long-awaited 2010 low at 1,044.
After four-day period of losses for the market participants, during which their portion decreased by ten percentage points, yesterday we observed little change in traders' priorities. The longs continue holding around 64% of all SWFX trades on Tuesday.