SMM News: the gold market rose and fell back last week, and gold prices still failed to break through the consolidation state. However, judging from the positions in the futures market, the bulls are still entering the market.
Ole Hansen, head of commodities strategy at (Saxo Bank), points out that net long positions in Comex gold rose 9 per cent in the week of Sept. 1.
Hansen said gold prices had been fluctuating near the trend line formed after their March lows and could fall back to test the $1900 / oz mark after losing 1930 support.
"the gold market has entered a volatile area, with investors looking at the performance of the dollar, real interest rates and stock markets to find the future direction of gold prices."
Hansen also said that if the stock market sell-off accelerates, then gold and silver could face challenges again, as investors will still choose to sell gold and silver to get money and pay margin.
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