gold silver hedgefunds Gold and silver need more than short covering, hedge funds still reluctant to place bullish bets
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Although the U.S. central bank is expected to slow to a 50-basis point hike next month, the end target of an elevated terminal rate above 5% remains firmly in place. The CFTC's disaggregated Commitments of Traders report for the week ending Nov. 15 showed money managers increased their speculative gross long positions in Comex gold futures by 7,006 contracts to 95,065. At the same time, short positions fell by 34,797 contracts to 69,608.
"The subsequent failure to break above key resistance in the $1800 area has left the metal exposed to a setback with the yellow metal now focusing on $1735 support ahead of $1720," said Ole Hasen, head of Commodity strategy at Sax Bank.
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