dynamiquebd
Long

GOLD STILL HAS ITS FINGER ON THE LONG TRIGGER

FX:XAUUSD   Gold Spot / U.S. Dollar
The chart is self explanatory. the hedge funds still have huge long positions on the precious metals. Net long positions as at 7th January 2020 stood at 322k above its 13 weeks, 52 weeks and 156 weeks Moving Average (290k,208k and 150k respectively). The close of today's price has formed a rejection candle at the previous month's high around 1533 level. The US-China trade agreements as well as the Iran tension provide a good narrative for risk aversion to boost demand for metals. Profit taking may invalidate this idea
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