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Bearish sentiment reversal? Gold speculative short positions hit a new low this year

April 15, 2019 18:08
source: Gold headline

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According to the latest CFTC data, as of the week of April 9th, hedgingfundThe net gold holdings of the holdings increased by 10,000 lots, making the total number of net long positions rise to 105,364 hands. In the previous week, hedge funds had made a big bet on the price of gold, which was cut by 20%.

From the specific data point of view, multiple positions increased by 5,723 hands to 199507 hands. Short positions were reduced by 5085 hands to 94,143 lots, a record low this year.

However, gold staged an inverted V-shaped trend last week. As the US dollar strengthened, the market risk sentiment warmed up, and investors chose to sell safe-haven assets and turn to risky assets. Gold has turned sharply after breaking through the $1310 level and has fallen below the three levels of $1310, $1300 and $1290.

  ETFInvestors have also been selling gold. The world's largest gold ETF, the SPDR Gold Trust position, has fallen nearly 30 tons since April, which has reduced the total position to the lowest level in five months.

Although the Fed turned to the dovish position, the US dollar remained strong, with the US dollar index rising nearly 1% year-to-date.AnalystWeighUS economic dataSteady, and the US economy outperforms other major economies such as the Eurozone.

The net long position of US dollars held by hedge funds increased for the second consecutive week. Data show that as of the week of April 9, the dollar's net long position increased from 32.3 billion US dollars in the previous week to 33.6 billion US dollars, a record high of more than three years.

It is worth noting that there are still many voices in the market that sing more gold.JPMorganIt is believed that the plunge in the price of gold last week was only temporary, and the rally was not over.

  Deutsche BankIt said that the US dollar may weaken due to the expected policy stance of the Fed, and it should increase its holdings this year.

But the situation in silver is not so optimistic. As silver prices continue to slump, hedge funds have been pessimistic about silver. According to statistics, since the beginning of this year, the number of net long positions in silver held by hedge funds has increased only in five weeks, and the rest has been reduced.

As of the week of April 9, the speculative net long position of silver has fallen to 16,418 lots, the lowest level since it was converted to a net long position in December last year. This is also the second consecutive week that hedge funds have cut their net long positions in silver.

(Article source: Gold headline)

                (Editor: DF134)

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