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“Gold specs decreased positioning last week, liquidating longs and adding shorts once again,” TD Securities analysts note in their latest CFTC Weekly Report.
Key quotes
“The yellow metal has found its footing just below $1,200/oz, but the current environment remains unattractive for precious metals, making it unlikely that the yellow metal will be able to muster any sustainable rally in the near term.”
“Indeed, as the US economy continues to perform well, highlighted by the recent jobs report which showed strong wage inflation, and emerging markets remain under pressure, rates and the dollar will continue to constrain precious metals. A roaring US economy suggests that the Fed will continue with the path of hikes indicated by the dots and that the US dollar will remain attractive, especially as EM weakness continues.”