Gold's Pullback From Cycle Highs: What CFTC Data Shows
Gold fell 1.58% to $421.32 on the SPDR Gold Shares ETF (GLD) Wednesday, giving back part of a six-session run that had carried the fund to a fresh cycle high of $428.07 the prior day. Gold futures (GC=F) held firm near $4,659 an ounce Thursday morning, up 0.12% on the day. The pullback looks like ordinary profit-taking after a roughly 7% run, and the positioning data underneath it backs that read. Speculative money kept adding to gold longs through the week ending August 18, even as the metal set new highs, and that combination, a pause in price alongside a continued build in futures positioning, is the setup worth understanding before the next leg, in either direction.
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