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The market continues to digest the prospect of the US presidential election after Biden withdrew, and gold has fallen below $2400.
Due to traders weighing the decision of U.S. President Biden's withdrawal from re-election and what this means for the chance of Trump returning to the White House, the price of gold has slightly declined.
Gold: Positioning Risks Skewed to the Downside – TDS
A reversal of the Trump trade threatens Gold bugs, TDS senior commodity strategist Daniel Ghali notes.
The situation changed? ETF has started to see net buy orders, and JPMorgan has called for a gold price of 2650!
According to Morgan Stanley, ETFs may become the new driving force behind the next round of gold price increases. Gold ETFs have started to increase their holdings since late May, and COMEX's net long position is at its highest since Q2 2022.
Does the Rally in Gold Still Have Room to Run? – TDS
The top ten participants trading in Shanghai Futures Exchange (SHFE) Gold continue to add to their Gold positions, growing their net length towards its highest levels on record, TDS senior commodity strategist Daniel Ghali note.
Gold Price Eyes $3,000 as Market Bets on Federal Reserve Rate Cuts
Gold prices have been on an upward trajectory, driven by mounting expectations for Federal Reserve rate cuts and increased bets on Donald Trump's re-election.
Gold Posts Second-highest Close as U.S. Rate Cut Hopes Rise, Treasury Yields Fall