Metals News
What happened? Gold bears retreat silver is bearish investment banks: gold can reach at least $1330!
Source:Golden net
The content below was translated by Tencent automatically for reference.

SMM News: the latest CFTC data show that, as of the week of May 28, the net long position of gold held in speculative trading decreased only slightly by 2117 to 86688. Last week, the net long position of gold dropped by 35731 hands, a drop of nearly 30%. It was the biggest drop since November. The analysis pointed out that this shows that the market bearish sentiment on gold has changed.


Gold rose 2.03% last week and rose sharply to a seven-week high of $1300 on Friday as the United States announced tariffs on imports from Mexico. Gold continued to rise on Monday, helped by the release of pigeons by the Federal Reserve and the lowest in a decade of US manufacturing data, surpassing the 1310 and 1320 levels, hitting as high as $1327.87 an ounce.

At a time when gold continued to rise, the world's largest gold ETF-SPDRGoldTrust position showed that buying was continuing to increase, with Monday's position up 16.44 tons, or 2.21 percent, from the previous day, the biggest one-day increase since July 2016. The current position is 759.65 tons.

Goldman Sachs also believes that from a fundamental point of view, after exceeding 1307, the price of gold can rise to at least $1330 an ounce. Goldman Sachs points out that the position of $1307 an ounce is very important for gold. Using wave theory, ABC adjusts the wave target to an April low. Every time the gold price reaches 1307, it will only be seen as a pullback or anti-trend fluctuation, and it may only be possible to break through this position to prove that gold is really on the upward trend. Breaking through $1307 an ounce means gold is likely to reach its target of at least 1330. In the longer term, a breakthrough of 1307 means that gold is expected to continue the trend it formed in January.

But at a time when gold bears are retreating, bears on other precious metals such as silver continue to spread. Silver net short positions rose 7747 to 22409 in the week of May 28, up from 14662 the previous week, and a new sell-off continued, according to the CFTC position report. The analysis pointed out that the main reason why precious metals such as silver are not optimistic is that their industrial metal properties are strong, and the market is worried that the slowdown in economic growth may hit demand for industrial metals such as silver.


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