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Wednesday, November 23, 2022 6:55:24 AM
Hedge funds were aggressive buyers of COMEX gold futures during a two-week period up until last Tuesday, November 15. During this time they bought 80,000 contracts or 8 million ounces, the strongest two-week buying pace since June 2019. As a result the net positions flipped from a short to 41k contract net long, a three-month high. However, the failure to break above key resistance in the $1800 area has left the metal exposed to a setback, hence the renewed focus on resistance-turned-support at $1735.
https://www.home.saxo/en-gb/content/articles/commodities/gold-stabilising-ahead-of-support-22112022
Having failed to break resistance at $1789, the 38.2% retracement of the 2022 selloff, the recent bounce can still only be described as a weak correction within a downtrend, and for that to change the break above is needed. In the short term the focus stays on $1735 support and the markets ability to attract fresh buying interest. Failure to do so would likely trigger more selling, initially to $1722 and potentially as deep as $1700.
https://www.home.saxo/-/media/content-hub/images/2022/november/22olh_gc3.png?la=en-GB&h=448&w=708&mw=708&hash=CF4EB22B5E71E14EAA1B9B814C2D8550
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