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David Becker
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Gold prices attempted to move higher and hit a higher high, but failed to finish higher on the day. A drop in the greenback was unable to help lift the yellow metal. The U.S. 10-year edged higher. Ten countries are still pondering the EU’s recovery plan. The intention was for the national approval process to be complete by the end of the month. The most recent commitment of trader’s report shows that hedge funds reduced long position and added to short-position in futures and options,

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Technical analysis

Gold prices were unable to hold on to early gains. Prices remain above support near the 50-day moving average seen near 1,752. Target resistance on the yellow metal is seen near the February highs at 1,855. Short-term momentum reversed and turned positive as the fast stochastic generated a crossover buy signal. The current reading on the fast stochastic is 90, above the overbought trigger level of 80. Medium-term momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. The MACD histogram is printing in positive territory with a declining trajectory which points to consolidation.

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Hedge Funds Reduce Long Positions

Managed money reduced long position in futures and options according to the latest commitment of trader’s report released by the CFTC on April 16, for the date ending 4/13/21. According to the COT managed money reduced long position in futures and options by 9K contracts while adding to short position in futures and options by 3K contracts. Open interest that is long futures and options is more than double the open interest that is short futures and options, 123K to 58K.

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