Spot Gold Back Below $1700 on Fed Rate Hike Expectations

Spot Gold Forecast: IGCS data shows retail traders are currently distinctly LONG on gold, with 86% of traders currently holding long positions (as of this writing). At MCXMoney we typically take a contrarian view to crowd sentiment however, due to recent changes in long and short positioning we arrive at a short-term …

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Gold Prices Eye US PPI Data. Is a Big Breakdown Afoot?

Gold prices are trading just above the 1,700 level after steep overnight losses. A surprise inflation reports out of the United States on Tuesday shifted the market’s outlook regarding Fed rate hike bets. The Fed may deliver a 100-basis point rate hike later this month, according to overnight index swaps. That shocked bullion traders, many of whom expected the August CPI number to mark the turning point in the FOMC’s fight against rising prices.

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