What was the Gold market feeling this week?
Let's start by congratulating J.Powell on his new milestone. FED balance sheet crossed the $7 Trillion mark... $10 Trillion to come by December... Bravo!!!
Gold started the week on a strong momentum to reach a fresh 7.5 years high after Santa Claus Powell's promises, but didn't hold the $1,750 level affected by progress on the coronavirus vaccine...
Renewed tension between China and the U.S, China moves to impose controversial Hong Kong security law and persistent dark clouds don't matter...
For the week ended May 19th, speculators, bullion banks and small traders all added to their net positions. Commercial have increased their short exposure by 11,641 future contracts. Whereas Speculators have increased their Long exposure by 8,960 contracts.
It will be interesting to see if managed money keep adding to their long exposure next week.
Keep an eye on U.S China trade tensions next week...
This weekly report contains a concise summary of some dynamics driving the gold market.
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