Gold: CTA selling intensifies ahead of Fed decision - TD Securities
TD Securities analysts Ryan McKay and Bart Melek report that Gold remains under pressure as CTAs accelerate selling ahead of the upcoming Fed meeting, with prices nearing levels that could push funds net short.
CTA selling in gold is intensifying ahead of the Federal Reserve's upcoming decision, according to TD Securities analysts Ryan McKay and Bart Melek. They note that prices have reached levels that could push funds into a net-short position heading into the Fed meeting. However, the analysts believe the impact of this selling should be relatively modest due to several factors, including the theme of dollar debasement, elevated central bank purchases, and renewed ETF inflows.
They view the near-term weakness in gold as an opportunity for long-term accumulation. The analysts emphasize that gold remains weak in the backdrop of an impending Fed meeting.
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