Market news
24.06.2024, 13:25

XAU/USD: Macro positioning may be at a turning point – TDS

Gold (XAU/USD) ETF holdings jumped by the largest amount in the last three months, commodity strategists at TDS say.

Precious metals get support from China

“While only a small blip on the chart, and a smaller amount than the amount added during the period of building in early June, it is still giving hope to the Gold bugs that this may finally be the turning point in macro positioning.”

“Precious metals continue to get support from the East as top traders on the Shanghai Futures Exchange (SHFE) continue to hold large positions in the Yellow Metal and Silver (XAG/USD), while inflows continue into Chinese Gold ETFs.”

“This continues to highlight that precious metals have increasingly morphed into a currency depreciation hedge, with resumed pressures in Asia supporting buying activity.”

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