Gold Traders Take Profits, But Positioning Stays Bullish
Gold speculators trimmed their net long positions by 15,000 contracts last week, but the market remains overwhelmingly bullish. Net longs still sit at 228,124 contracts according to CFTC data through September 1. Gold prices have stabilized around $4,476 after testing the $4,400 support level earlier in the week. The profit-taking reflects normal consolidation after August's rally, not a change in conviction. Central bank buying continues to underpin the physical market.
Key Takeaways Gold net speculative longs fell to 228,124 contracts, down 6.3% week-over-week. Silver traders increased net longs by 6,000 contracts as prices dipped to $66.75. Crude oil speculators added 3,000 net longs, with…
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