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Sep 09 - 06:55 AM

Gold - Profit Taking May Drag Gold Down Ahead Fed Meeting

By Jeremy Boulton  —  Sep 09 - 04:40 AM
  • Traders pared small amount of big bullish gold positions week ending Sep 3

  • Traders have a tendency to reduce exposure ahead major events

  • Federal Reserve may opt to cut interest rate for first time on Sep 18

  • Few bigger events and few larger bets on gold than current long position

  • A correction may prove to be healthy for the uptrend

  • Oil might bottom influencing currencies nL1N3KR08B

Source:
Refinitiv IFR Research/Market Commentary

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