XAUUSD-Still a Downfall
The recent data from the Commodity Exchange Inc. as of February 20, 2024, presents a nuanced picture suggesting a potential downturn in gold prices. Non-commercial traders, primarily speculators, decreased their long positions by 2,587 contracts and increased short positions by 15,883 contracts, indicating a shift towards bearish sentiment among this segment of the market. Meanwhile, commercial traders, representing entities involved in gold-related businesses, significantly increased their short positions by 5,925 contracts, surpassing their long positions by a notable margin. This divergence in positioning between non-commercial and commercial traders, coupled with the overall decrease in open interest by 8,924 contracts, suggests a growing consensus among market participants for a potential downward trajectory in gold prices.
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It is estimated that there will be an upward swing reaching around 2045 before falling to the range of 2020-2016. After that, it is expected to rise again towards 2045.Order cancelled
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.