Traders add back to their XAU/USD positions – TDS
|Top traders on the Shanghai Futures Exchange (SHFE) have added back to their net Gold (XAU/USD) and Silver (XAG/USD) positions, Senior Commodity Strategist at TDS Ryan McKay notes.
Asian demand remains strong
“Asian demand is set to remain strong, while nascent sings are appearing that macro interest may be starting to pick up as ETF positions are on course to post their first monthly increase since May 2023.”
“The PCE data came in roughly in line with expectations, and the y/y pace for core PCE represents the lowest level of the cycle. Overall, inflation data continues to gradually normalize back to the trend the Federal Reserve (Fed) would like to see, but it is still not enough evidence for officials to pound the table on policy easing.”
“In this sense, precious metals investors are likely to remain on the sidelines for the time being, with this week's job data serving as the next piece of Fed the puzzle.”
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