8.16.2016. As has been typical during this last month of summer so far, it has been yet another quiet start to the week for the precious metals. Gold remains range bound with support at the recent double bottom of $1,330 and resistance at $1,360, the seventh point on a trendline dating back to July 6th. After an incredible first half of the year, the market’s interest in gold appears to be fading of late. On Friday, total assets in exchange-traded funds dropped by 420,000 toz, the largest drop of the year. Comex net long positions have fallen for the fourth time in the last five weeks. Yesterday, US Securities and Exchange Commission filings showed that George Soros sold most of his SPDR Gold ETF shares in the second quarter. Leveraged money certainly seems to be growing wary of gold exposure as the summer comes to a close.
Keep an eye out for the FOMC tomorrow at 11 AM PT.