Monthly Technical and Precious Metals Positioning Report - Gold - August 2019

August 2019 Commentary

Gold’s rally is still underway as markets fear recession and bond markets price in more aggressive easing. Trade and geo-political tensions are feeding into the price rise. Price targets suggest US$1,590 and US$1,635 in the medium-term although recent price action suggests consolidation and a short-term risk of lower prices.

Managed Money length increased to by almost a fifth to 24.563 million FTozs. Shorts remain very small at 2.202 million FTozs. Support lies at US$1,458 and US$1,401.

Gold chart

Read the full report by ABC Bullion's Global General Manager Nicholas Frappell here