Gold bulls had a brief moment in the sun, partly fueled by some dovish musings from the Fed’s Powell last week but mostly by better sentiment, especially in emerging markets.
Today it’s back to doing what it’s done all year — sinking
Gold hit a two-week high of $1214 earlier today but strong consumer confidence sparked a US dollar rally and an outside day in gold.
That’s a troubling technical sign for gold and given the way 2018 has gone, I don’t believe there are too many strong hands left in gold. Indeed, specs are net short for the first time since 2001 in the CFTC data. – Neal Bhai Reports (NBR)
