Gold long positions increase slightly, but ETF is more important.

SMM News: last week, the gold market rebounded, did not continue the previous three consecutive weeks of decline. According to CFTC data, changes in hedge fund positions have little impact on gold prices.

Data show that long positions in Comex futures fell by 3057 to 134446 positions in the week ended December 1. Short positions fell 3252 hands to 48903 hands.

The net long position of the futures increased to 85543 hands in the week, which changed little. But the price of gold fluctuated significantly that week, with the price of Comex gold falling to around $1780 an ounce.

Ole Hansen, head of commodities strategy at Saxo Bank (Saxo Bank), said short-term gold prices are expected to test and break through the resistance zone of $1850 to $1860 an ounce.

Carsten Fritsch, precious metals analyst at (Commerzbank), a German commercial bank, said there was still resistance in the gold market in the short term and it was difficult to attract new speculative interest from CFTC's positions.

On the other hand, Fritsch points out that the impact of futures positions on gold prices is becoming smaller and smaller.

"the key influence became gold ETF investors. Unless ETF investors change their strategy, it will be difficult for gold to rise further. A weak dollar alone is not enough to propel gold prices upward in the long run. "

However, in terms of fundamentals, the positive factors for gold are still there.

Although the gold market had come under pressure and triggered stops, lower prices finally attracted buyers, according to TD Securities (TD Securities).

"this means that gold's upside will be very strong after the consolidation, especially with the Fed's interest rate decision approaching in December."

Over the same period, long positions in Comex silver increased by 1575 to 64370 hands, short positions increased by 526 to 21664 hands, and net long positions increased to 42706 hands, an increase of 2.5% from the previous month.