UNITED STATES August 27 2014 6:49 PM
NEW YORK (Scrap Register): While technical-led selling pushed gold below the $1300 an ounce mark on last Friday, rising geopolitical tensions quickly pulled prices back above that level.
Gross short positions are at their lowest since December 2012. This underscores the fragility of prices, said Barclays, given the absence of a sustained significant move higher amid rising geopolitical tensions and a lack of bearish interest in gold.
Barclays reiterates their view that gold is likely to find limited support on the downside in the absence of firm physical demand coupled with muted investor appetite.