70% of Traders Holding Long Positions on Gold Amid Expectations of Price Recovery
Approximately 70% of traders in the gold market continue to hold long positions despite the decline in prices, as investors expect a potential recovery in prices in the future. This optimism persists despite economic pressures such as the rise of the dollar and treasury bond yields. Although gold prices have fallen by about 29% from their annual highs, there are still technical indicators suggesting the possibility of a future upward wave if gold maintains a support level around $3,930. Conversely, a drop below this level could indicate a decline toward $3,500.
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