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Gold 'Is A Screaming Buy' - Analyst

(Kitco News) - As traders are placing bets on whether gold prices will hold onto recent gains or not, this analyst says that it is a great time to buy the yellow metal.

“GLD is a screaming BUY at this juncture,” Boris Mikanikrezai, precious metals analyst at FastMarkets, wrote in a Seeking Alpha post on Monday.

Despite today’s earlier rally, gold prices remain under downward pressure from higher U.S. dollar and risk-on mood, according to Mikanikrezai.

“Speculators cut their long position for a 7th straight week over October 17-24, the CFTC shows, while spot gold prices weakened 0.5% from $1,277 per oz to $1,270,” the analyst noted. “The net long fund position - at 470.50 tonnes as of October 31 - fell 6.81 tonnes or 1.5% from the previous week (w/w). This was driven exclusively by long liquidation (-28.49 tonnes w/w) and partly offset by some short-covering (-21.68 tonnes w/w).”

“ETF investors remained on the sidelines over October 27-November 3, due to positive global risk appetite,” he added.

On Monday, the gold found support from a combination of safe-haven demand and surging crude oil prices, which hit a two-year high, said Jim Wyckoff, Kitco’s senior technical analyst. 

“The marketplace is just a bit unnerved to start the trading week, as a major shake-up occurred in Saudi Arabia’s ruling system over the weekend. Saudi princes and businessmen were arrested to weed out corruption, according to the Saudi Kingdom. The news helped to lift gold and silver, also gave oil prices a boost,” Wyckoff said in his PM Roundup.

As markets in Asia opened on Tuesday, spot gold on Kitco.com traded 0.16% down on the day at $1,279.60. Meanwhile, SPDR GLD– the world’s largest gold-backed exchange-traded fund – last stood at around $121.65, up 0.85% on the day.

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