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Why there’s no golden opportunity despite market meltdown
Is Gold really a safe haven? Right now there’s turmoil in global EM equities and US stocks, worrying US ISM data and US ten-year bond yields have fallen to an October low…and yet Gold is failing to create enough momentum to break out of its now well established range; with resistance towards above 1272 proving a hard nut to crack.
So what’s going on?
-Liquidity is poor with China away celebrating New Year
- No support from ETP investors with holdings suffering a 13th month of decline during January
-Selling is grinding to a halt which indicates that most of the selling have now taken place.
- A recent jump in hedge fund positioning in the futures market was primarily driven by short covering.
What to look out for:
- Wait and see mode ahead of ECB Thursday and US job report Friday
- New Fed Chair Yellen will deliver her first semi annual testimony on February the 11th
01:28 minutes
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