JP Morgan Global Quantitative Team: Be Cautious of Short-Term Gold Prices Repeating 2006
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JP Morgan's global quantitative team warns that the recent buying of a large number of short-term bullish options in the gold market has led to a net short gamma imbalance, increasing the risk of price volatility. Although this position has decreased, market sentiment is overheated, with the current momentum indicators for gold and short-term implied volatility both at high levels. The team compares this situation to the 30% pullback in gold prices after a rapid rise in May 2006, suggesting a historical pullback risk
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