Rate cuts are the main catalyst that all the gold bulls are waiting for, particularly if it comes with US dollar softness. However Scotia outlines two shorter-term factors that could boost gold’s momentum.
1) COMEX speculative position of 222k contracts is at average levels (since 2018) and well
below its 2020 peak
2) ETFs are seeing outflows, suggesting retail still hasn’t piled in
This article was written by Adam Button at www.forexlive.com.
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