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David Becker

Gold prices moved lower and are consolidating near the all-time highs. The dollar moved higher as US yields backed up slightly. US yields were mixed, with the 10-year edging slightly higher. Hedge funds added to both long and short positions in futures and options according to the latest commitment of trader’s report released for the date ending August 4, 2020.

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Technical analysis

 

Gold prices moved lower following a week where prices increased by 2.5%. Support is seen near the 10-day moving average at 2,002. Short-term momentum has turned negative as the fast stochastic generated a crossover sell signal. The current reading on the fast stochastic is 87, above the overbought trigger level of 80, which could foreshadow a correction Medium-term momentum is negative to neutral as the MACD (moving average convergence divergence) histogram prints in the red with a flattening trajectory which points to consolidation.

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 Managed Money Continues to Buy Gold

Hedge funds continue to purchase gold according to the latest commitment of trader’s report released by the CFTC for the date ending August 4, 2020. According to the CFTC, managed money increased their long position in futures and options by 3.7K contracts while increasing short positions in futures and options by 4.7K contracts. Open interest that is long futures and options in the managed money space outnumbers short positions in futures and options by 5-fold, 215K to 41K.

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