The post Gold may turn bullish above $2,346 – TDS appeared on BitcoinEthereumNews.com.

Precious metals traders are watching the data like hawks, and this morning’s weak US Retail Sales data has given the complex a boost, TDS analysts say. Markets are on the sidelines in Gold “Macro investors have remained underpositioned in Gold (XAU/USD) relative to a typical cutting cycle. Macro traders seem to be happy waiting on the sidelines until there is more certainty on the timing of the coming Fed cuts. As a trend of weakening data begins to form, these investors will be more likely to enter the fray, which could ultimately be the next catalyst needed for another leg higher.” “In this sense, the back-and-forth price action in the Yellow Metal saw some modest selling from Commodity Trading Advisors (CTAs) recently, but these positions could be added back above $2,346/oz.” Source: https://www.fxstreet.com/news/gold-may-turn-bullish-above-2-346-tds-202406181452

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Filed under: News - @ June 18, 2024 9:18 pm