Gold Selloff Seen as Positioning Reset Gold fell below key technical support at $4,050 an ounce to a low of $4,023 in New York trading Wednesday, according to market data. The decline appeared driven primarily by stop-loss liquidation and positioning adjustments rather than a material deterioration in macro fundamentals, UBS said. [1] “The move flushed out long exposure and left positioning looking more balanced, reducing the immediate risk of further forced selling,” UBS trader Marcus Millis wrote in a note cited by Zero Hedge. The flush-out of leveraged longs reduced the potential for cascading sell orders, according to the bank. [1] UBS:…

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