Precious metals hold gains across the complex – TDS
![Precious metals hold gains across the complex – TDS](https://connecticutnewspress.com/wp-content/uploads/2024/06/12259-precious-metals-hold-gains-across-the-complex-tds-750x470.jpg)
Precious metals have held gains despite the uncertainty surrounding Federal Reserve (Fed) policy. Top traders on the Shanghai Futures Exchange (SHFE) continue to hold large positions in Gold (XAU/USD) and Silver (XAG/USD), while inflows continue into Chinese Gold ETFs, TDS strategists say.
Gold turns lower, Palladium faces short covering
“Macro investors have remained underpositioned in the Yellow Metal relative to a typical cutting cycle and macro traders seem to be happy waiting on the sidelines until there is more certainty on the timing of the coming Fed cuts. Ater a brief period of slight gains in Gold ETF holdings, the trend has started to ease lower once again.”
“Elsewhere, a bout of tightness and concern on sanction risk has sparked some likely short covering from the bloated money manager shorts in Palladium. Today’s price action though is making short covering from this cohort more likely, with a handful of key triggers within the $968/oz – $973/oz range.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.