Gold open interest shows volume trading new open interest 632,013 up 7000 high as traders cautionary stance ahead of todays FED meeting notes retreats a few positions. Dollar some better index showing effects of FED caution as ¼ point easing is expected.GM strike, politics around the globe and softer economics globally all point to some easing everywhere. Lower rates longer term are expected which decreases the opportunity cost of purchasing gold. Everywhere investors look, Brexit, Venezuela, Argentina, Europe and especially now Middle East all have more interest in haven buyers interested in gold at lower prices. This year gold is up about 20 pct. from last May 2018, and most traders buy or sell off days and sell on high rally days as open interest shows. It seems event driven rally o event driven selling meets the other side of trades. Look for continued range now 1500 to 1550 until we achieve more clarity from money markets and currency moves.
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