Looking at the data, it appears hedge funds are currently driving price action in the gold market The Commitment of Traders analysis last month showed that selling had been exhausted and hedge funds were going long again. It highlighted the trouble gold faced at the $1,800 level. After the October Jobs and Inflation data, hedge funds went big into the market driving prices solidly through $1,800 before the market ran out of steam at $1,870. The multiple attempts on $1,870 in rapid succession looked like another resistance would fall and send gold up through $1,900, especially if Brainard was nominated as Fed chair. ... (full story)