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- Gold ETF’s with the 13th consecutive week of decline, what’s next for gold
Gold ETF's with the 13th consecutive week of decline, what's next for gold
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Loading...Investors in gold-traded gold-traded funds preferred to accumulate short positions over the past 13 weeks. This was dictated by the long period of decline in the precious metal for a number of reasons. The main reason for the collapse of the precious metal is the strong growth of the USD, and in addition, futures auctions and reduced demand for physical gold. We have not seen such a series since 2013 when gold has been subject to such a wave of sales.
Given USD weakness signals, Trump's attempts to influence Fed policy will likely have a positive impact on the metal, expecting growth if not growth, at least retention of the price around the current levels. Technically, the price is far removed from support or resistance, as the current Price Action indicates that testing the area around 1200/1205 is the most likely scenario. There the precious metal will most likely last for a longer period of time.
Source: Bloomberg Finance L.P.
Graphs: Used with permission of Bloomberg Finance L.P.
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