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  1. #1
    Junior Member

    Investors Flee Gold as Long Positions Hunker Their 2002 low !!!

    Although gold is perched near its highest levels in nearly three weeks, investors remain wary of buying it. BofA analysts note that market players have largely liquidated their bullish bets on gold: at USD 2.1 billion, bullion long positions are hunkered at their lowest levels since 2002, the bank said.

    Gold has fallen out of favor with large speculators, according to data from Bank of America/Merrill Lynch, with positioning sliding to its lowest spot in nearly a decade.

    Although gold is perched near its highest levels in nearly three weeks, investors remain wary of buying it. BofA analysts note that market players have largely liquidated their bullish bets on gold: at USD 2.1 billion, bullion long positions are hunkered at their lowest levels since 2002, the bank said.

    Meanwhile, "speculative shorts in gold are their largest ever," BofA added.

    Despite global central banks' having no intention of removing their collective foot from the monetary throttle anytime soon, gold bulls have been chastened by a dizzying selloff that has shaved more than 25 percent from bullion's value in 2013.

    Hedge fund guru John Paulson's flagship gold fund has plummeted by more than 65 percent this year, according to reports.

    Read more: http://tradingtipsexpert.wordpress.c...heir-2002-low/

    mcx tips

  2. #2
    Specialist Member runneroption's Avatar
    Gold selloff is really a significant event in the history of Gold trading. John Paulson made a big mistake this time betting that Gold will climb higher forever and he will pay for that mistake big money.

  3. #3
    Veteran Member Ammeo's Avatar
    Gold got a lift thanks to a pair of U.S. data points. In U.S. economic news out Tuesday, the National Association of Home Builders/Wells Fargo housing-market index rose to 57 in July from 51 in June. The July reading is the highest since January 2006.

    The Labor Department said U.S. consumer price inflation rose 0.5% in June following a 0.1% rise in May. Economists expected a 0.3% June increase. Core CPI increased at annualized rate of 1.6% last month, in line with forecasts and slowing from 1.7% in May.

    Core prices are viewed by the Federal Reserve as a better gauge of longer-term inflationary pressure because they exclude the volatile food and energy categories. The Fed is aiming to keep inflation around 2% or less. Industrial production rose 0.3% in June, the biggest increase in four months...

  4. #4
    Legendry Member Michael Hodges's Avatar
    Yup, looks like resistance is still present around the $1280-$1290 area. down about $17 right now. Gold may not move lower than the recent lows but there is a good chance a retest is in order. The dollar is strengthening on economic recovery and should help push gold lower along with short term technical traders.

  5. #5
    Senior Member LeeChang's Avatar
    Some retest will appear for sure and even there is a probability for new low. Not very high probability but there is such a chance. Only Put options allowed for the week

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