Gold: Fed pause keeps systematic demand supported - TD Securities
TD Securities’ Ryan McKay and Bart Melek note that CTA (Commodity Trading Advisors) net long positioning in Gold is becoming more entrenched as discretionary demand improves.
TD Securities' analysts Ryan McKay and Bart Melek highlight that Commodity Trading Advisors (CTAs) are showing increasing long-term positioning in gold as discretionary demand improves. If the Federal Reserve maintains its pause, it could help keep gold prices in the upper range. CTA triggers are anticipated to trigger only minor changes in positioning.
Silver is also drawing attention for near-term systematic flows, with prices above $66.80/oz potentially leading to further purchases. When considering pricing simulations, CTA participation could add 2-5% of historical maximum length to gold prices next week.
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