Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

TD on gold wary of downside risks from many directions including an “Asian buyer strike”

July 22, 2024 at 09:54PM
Amongst concerns TD ennumerate on gold are:

discretionary trader positioning “remains bloated” (to the long side), which means positioning risks are now asymmetrically skewed to the downside

froth above and beyond what is consistent with expectations of Fed cuts

Asia on a buyer’s strike

notable long liquidations on Shanghai Futures Exchange

TD says a “a liquidity vacuum could ensue with fewer buyers to offset potential liquidations”.

As for levels TD says gold is vulnerable to a break south of US$2380/oz.

As for that ‘buyers strike’ I noted in June the PBOC bought no gold in May. And that this continued for a second consecutive month.

People’s Bank of China bought zero gold for a second month in a row in June

The absence of an underlying bid like this is a concern for gold bugs.

This article was written by Eamonn Sheridan at www.forexlive.com.

TD on gold wary of downside risks from many directions including an “Asian buyer strike”