Gold: Sentiment bearish ahead of the Fed meet – TDS

FXStreet (Delhi) – Research Team at TDS, notes that according to the commitment of traders Report for the week ending December 8th, 2015, only about 5% of spec shorts in gold had covered their positions, as the Euro rallied on the back of Draghi’s disappointment, the sentiment is still quite bearish for the yellow metal ahead of the first rate rise.

Key Quotes

“PGMs followed gold for the most part, rising with the currency move, however stronger European auto sales, helped platinum specs cover a large portion of their hefty short positioning.”

“Palladium also saw sizeable short covering (10% of short positions) on the move with US auto sales set for strong growth on the year–shorts should remain cautious of betting against the metal with a huge rebound in Chinese auto sales for November.”

Research Team at TDS, notes that according to the commitment of traders Report for the week ending December 8th, 2015, only about 5% of spec shorts in gold had covered their positions, as the Euro rallied on the back of Draghi’s disappointment, the sentiment is still quite bearish for the yellow metal ahead of the first rate rise.

(Market News Provided by FXstreet)