Gold: XAUUSD trading lower this morning in European hours after the weakness see on Friday. Most of the weakness seems to be due to a stronger USD; #gold is up in euro and roughly flat in CNY but DXY is at more than a one-year high.
1/6
1/6
Gold: We noted last week that a ‘gap’ had opened on our gold vs DXY chart. That hasn’t closed as such, but the strength in the dollar is dragging #gold lower.
2/6
2/6
Real US Treasury rates haven’t moved much in the past few days, but despite the move lower in #gold the gap that we’ve mentioned on a few occasions in the past month is still there.
3/6
3/6
Gold: COTR data, released Friday showed little change in speculative #gold positions held on the Comex futures market in the week to last Tuesday. The net short Managed Money position declined slightly, but changes were few and far between.
4/6
4/6
Gold: Changes in Comex #gold open interest data over the past few days – particularly for Friday’s session – suggest that new shorts entered the market late last week (and thus not in the COTR data for last Tuesday).
5/6
5/6
Gold: Although the S&P remains off 2018 highs and VIX is elevated, there are signs that markets are calming somewhat. Short-term direction in #gold will likely be determined by the strength of the US$ and whether other asset classes continue to normalise or not.
6/6 ends
6/6 ends
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