Later today Fed Chair Jerome Powell will testify before the House Financial Services Committee and gold traders will be listening carefully.
The drivers for the latest move higher in gold remain the same, the upcoming series of US interest rate cuts – three 25 basis point moves seen this year, starting at the Junemeeting – ongoing haven buying on geopolitical fears in Ukraine and the Middle East, and heavy central bank buying as bankers diversify away from the
show 44.00% of traders are net-long with the ratio of traders short to long at 1.27 to 1.The number of traders net-long is 3.42% higher than yesterday and 18.14% lower than last week, while the number of traders net-short is 5.01% higher than yesterday and 65.42% higher than last week.
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