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Gold's safe-haven demand come as the market is ripe for a short squeeze

From kitco.com

Gold prices are seeing a significant push higher, driven by safe-haven demand as Israel's war with Hamas creates further chaos in the Middle East. Along with gold's new geopolitical momentum, analysts note that the market has been ripe for a short squeeze as positioning has been highly oversold after hedge funds fled the gold market due to rising bond yields, according to the latest data from the Commodity Futures Trading Commission. The CFTC's disaggregated Commitments of Traders report for the week ending Oct. 3 showed money managers dropped their speculative gross long positions in Comex gold futures by 14,168 ... (full story)

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  • Category: Fundamental Analysis