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ICYMI – UBS cuts its gold price forecast

In a note released last week, UBS analysts downgraded their gold forecast.

  • They had projected 1700 USD by June next year.
  • Have cut the one year forecast now to $1650.

Gold is considered a hedge against inflation, but despite soaring global inflation, the price of gold has struggled.

The latest data from the Commodity Futures Trading Commission (released Friday, July 22 for positions from the previous Tuesday) shows hedge funds and other speculators turned net bearish (i.e. net short) for the first time in more than three years. If you are a contrarian gold bug, this could serve as a bullish sign!

Daily Golden Candles:


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