TD Securities on gold, this a snippet from a longer piece:
- Speculative length and ETF positions continue to be sold off in gold with precious metals sentiment becoming increasingly bearish
- Even with recent liquidations accounted for, positioning analytics still argue for the potential of additional pain for gold bugs
- With the Fed telegraphing their every move, Fedspeak this week will be increasingly important, particularly as positioning is continuously squeezed with bearish sentiment building. In turn, we continue to expect substantial selling flow to weigh on the yellow metal at a time when liquidity is scarce
While on the subject of Fedspeak - Chair Powell will be speaking on Tuesday 17 May 2022, I'll have more to come on this separately.
Gold update:
