XAU/USD: the number of positions in gold continues to increase
Current trend
Quotes of XAU/USD continue to move in a lateral channel, being a little below 1800.0. Since mid-summer, gold has been a stable asset with much lower volatility than oil and the USD Index, making it attractive to large institutional investors. The results of the US Fed meeting, which will begin tonight, may have a serious impact on the metal quotes. If the regulator's officials decide to raise the interest rate, XAU/USD may come under serious pressure.
According to the Commodity Futures Trading Commission (CFTC), the number of speculative positions in gold last week increased by about 20K again, from 193.3K to 214.6K. This dynamics has been going on for the fifth week in a row and it becomes obvious that the buyer is a large fund or trust that is in no hurry to form positions; however, when they are gained, the price of gold is likely to change dramatically.
Support and resistance
On the global chart of the asset, the price is correcting in a lateral trend. Technical indicators are ready to reverse and give a signal for local sales: the range of the Alligator indicator EMAs fluctuations began to narrow down and the histogram of the AO oscillator forms descending bars.
Resistance levels: 1796.0, 1832.0.
Support levels: 1765.0, 1722.0.
Quotes of XAU/USD continue to move in a lateral channel, being a little below 1800.0. Since mid-summer, gold has been a stable asset with much lower volatility than oil and the USD Index, making it attractive to large institutional investors. The results of the US Fed meeting, which will begin tonight, may have a serious impact on the metal quotes. If the regulator's officials decide to raise the interest rate, XAU/USD may come under serious pressure.
According to the Commodity Futures Trading Commission (CFTC), the number of speculative positions in gold last week increased by about 20K again, from 193.3K to 214.6K. This dynamics has been going on for the fifth week in a row and it becomes obvious that the buyer is a large fund or trust that is in no hurry to form positions; however, when they are gained, the price of gold is likely to change dramatically.
Support and resistance
On the global chart of the asset, the price is correcting in a lateral trend. Technical indicators are ready to reverse and give a signal for local sales: the range of the Alligator indicator EMAs fluctuations began to narrow down and the histogram of the AO oscillator forms descending bars.
Resistance levels: 1796.0, 1832.0.
Support levels: 1765.0, 1722.0.
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