Finance

Analysts: Must watch! These Levels Are Coming For Gold Prices

According to the latest trade data from the Commodity Futures Trading Commission, the downward trend continues to dominate the gold market, while the market seeks a measure basis at the two-month low.

What’s going on in the gold market? Here are the analyst opinions

For the week ending June 29, the CFTC’s report shows that money managers increased their speculative gross long positions on Comex gold futures by 5,400 contracts to 115,438. At the same time, open positions increased by 6,554 contracts to 54,056. The net longs of the gold market decreased for the next four weeks and now stands at 61,382 contracts compared to the previous week.

During the survey period, gold prices tested the critical support around $1,750 per ONS. Although the downward trend of gold continues to dominate the speculative market, some analysts say that the sentiment has started to change, especially as gold prices started to rise above the 100-day moving average and test the precious resistance at $1,800 per ounce.

Ole Hansen: I’m watching these levels for gold prices!

Saxo Bank commodity strategy leader Ole Hansen said that the increasing downward trend of gold poses a short-term risk in the market. The analyst added that he is watching $ 1,814 per ounce and that a move beyond this level could trigger a potential short-term squeeze. TD Securities analysts also said they see potential for renewed bullish momentum in the gold market. TD Securities analysts comment on the bet:

Not all positions were bearish due to technical and macro factors, given the fact that money managers increased long positions, albeit modestly. Indeed, long-term bookies have finally proven right, with continued declines in Treasury yields and concerns that the Delta option might slow it down. Gold jumped to $1,788 an ounce over the weekend and the market judged the June jobs data to be positive.

TD Securities analysts state that they are watching the 100-day moving average of gold

TD Securities analysts added that they are watching the 100-day moving average of gold. Cryptocoin. com

As we previously reported , the sentiment in the silver market also seems to be on the rise as the metal has managed to hold reinforcements above $25.50 per ounce. The new report showed that money-administered speculative gross long positions on Comex silver futures rose by 559 contracts to 72,624. At the same time, short positions fell 2,763.

Silver’s net longs increased by 11% compared to the previous week, reaching 32,854 contracts. During the survey period, silver prices rose above $26 an ounce. Silver is benefiting from increased interest in base metals as copper prices hold the foot above $4.20 per pound, according to some analysts. Copper also rose last week for the first time in seven weeks. However, some analysts are not optimistic that copper prices can maintain the current mood. TD Securities analysts make the following comments on the subject:

Going forward, weakening Chinese credit urges and US fiscal drag, as well as rounding global PMIs, mean bad news for commodity demand growth. At the same time, supply disruptions offer less reinforcements as China sells metals from strategic metals.

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