Bullish And Bearish Forces In The Gold Market
goldsilverworlds.com / By Taki Tsaklanos / May 25, 2015
The price of gold has gone nowhere in the last two years and has created a 2-year basing pattern. That is constructive for gold prices as the stronger the base, the stronger the next trend. But a trendless market also indicates a battle between bullish and bearish forces.
The strong U.S. dollar has pressured precious metals since last summer. Also, the talk of interest rate hikes by the Fed is said to have negatively influenced gold. We have explained previously that we hold an alternate view on the relationship between interest rates and gold, as detailed in “What Is Really Driving Gold.” Our opinion is that the inverse relationship between interest rates and the price of gold is primarily a narrative, rather than a fundamental market dynamic, because rising rates are likely to mark a new rate cycle and a new economic cycle.
A standout feature this week, negatively impacting precious metals, is the latest COT report (Commitment of Traders), which reveals the positions of large traders in the gold and silver futures markets. This week’s COT report, for positions at the close of trade on Tuesday May 19th, shows a very strong accumulation of short positions by commercial traders, which indicates the capping power that can oppose this rally. It is no coincidence that gold’s recent rally was stopped this week. Do not expect a strong continuation of the rally in the very short term.
The post Bullish And Bearish Forces In The Gold Market appeared first on Silver For The People.
Source: http://silveristhenew.com/2015/05/25/bullish-and-bearish-forces-in-the-gold-market/
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