According to the latest data from Commodity Futures Trading Commission (CFTC), a hawk tendency to the Fed’s last monetary policy decision, which is supported by the comments of the US Central Bank President Jerome Powell, encourages to increase her hedge funds in gold and abandon bull forecasts. Market reviews and price estimates of analysts Kriptokoin.comWe prepared for readers.
“The net position of gold fell quickly in about three years”
The CFTC’s Commitments of Traders Report for the week ending on February 1 shows that money managers have reduced speculative gross longing positions in the commodax gold -term transactions to 108.309. At the same time, Short positions increased by 19,130 to 58,395.
The net position of the gold decreased by approximately 51 %during the survey period. Although the gold was fixed around $ 1,800, the increase in downward speculative positions pushed prices for a short period of time for a short time, which pushed the lowest level of a month for $ 1,780,60. The net position of gold has declined to its lowest level since September. City Index Market Analyst Matt Simpson says that the net position of gold fell rapidly in about three years.
Money managers increased the bear tendency to the bottom after the Federal Reserve prepared the ground for an interest rate hike in March. The US Federal Bank laid the foundations of reducing the balance sheet before the end of the year. Kitco analysts make the following assessment:
Since the FOMC meeting, the markets have proved the possibility of five interest rate hikes this year with a 50 basis -point increase potential in March. Since the January Monetary Policy meeting, positive economic data, including strong January employment figures, has further strengthened expectations.
Daniel Briesemann: The performance of gold will decrease until March
Commerzbank Dear Metals Analyst Daniel Briesemann says that gold prices may fight in the near term before the next Federal Reserve Monetary Policy meeting in March. The analyst explains the effect of expectations on gold prices as follows:
We will see how long the gold can withstand in the existing market environment characterized by increasing interest rate hike expectations. In addition, it is revealed that gold has difficulty in obtaining a visible profit in the current market environment. We expect the performance of the gold price until the first interest rate hike of the FED, which we believe will take place in March.
Similarly, the silver market saw a sharp decrease in upward speculative interest. The distributed report shows that the speculative gross long positions managed by money in comex silver -term transactions decreased 5,521 to 46.101. At the same time, Short positions decreased by 9,939 to 34.142.
The net position of the silver is at a decrease of more than 56 %compared to the previous week at a level of 11,959 contract. An increase in the bear position pushed the price of silver from 24 dollars to 22.00 dollars during the survey period. While the silver continues to be stuck in a very large channel, analysts maintain a bull tendency in precious metal, as industrial demand remains intact.