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XAU/USD: Macro positioning could be at an inflection point – TDS

ETF holdings Gold (XAU/USD) They rose by the most in the last three months, say TDS commodity strategists.

Precious metals receive support from China

“Although it is only a small dot on the chart, and a smaller amount than was added during the accumulation period in early June, it still gives hope to gold enthusiasts that this may finally be the turning point in macro positioning. “

“Precious metals continue to receive support from the East, as top traders on the Shanghai Futures Exchange (SHFE) continue to hold large positions in the Yellow Metal and Silver (XAG/USD), while flows continue towards the Chinese Gold ETF.”

“This continues to highlight that precious metals have increasingly become a hedge against currency depreciation, with renewed pressures in Asia supporting buying activity.”

Source: Fx Street

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