Saxo Bank: The decline in gold speculative positions is driven by long positions being closed, with no large short trades observed
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Ole Hansen, the head of commodity strategy at Saxo Bank, stated that despite the significant pullback in gold prices, it is a "healthy reaction" to the buying during the U.S. elections. Recently, the net long positions in COMEX gold futures have decreased to a three-month low, and the increase in new short positions is not significant. Hansen pointed out that although long positions have been liquidated, it has not attracted new short interest, and the holdings in gold ETFs have decreased due to lowered expectations for interest rate cuts
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