GoldLONG
The combination of rhetoric on a Federal Reserve rate within the next two months and traders unwinding their historically high (5-year average) net-long positioning did not help price action.
However, as gold was selling off into the weekend, fund flows data showed that $454M was added into GLD (indicating that traders are willing to buy on the discount).
Risk assets received a boost on light volume during Monday’s trading session; but as North American traders come back online from the banking holiday, the sharp rise in futures could be seen as am opportunity to sell.
We expect gold to benefit and attempt $1,267-70 over the next few days. Both the RSI and z-score are moving in the right direction, and stochastics are suggesting a potential bullish cross which should aid in gold’s ascent.
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