Commodities Analysis by Michele Schneider covering: XAU/USD, XAG/USD, S&P 500, Gold Futures. Read Michele Schneider's latest article on Investing.com
Hedge funds have turned the most bearish on commodities in over a decade, driven by concerns that a deeper economic slowdown could dampen demand for everything from crude oil to metals and grains, according to Bloomberg.
Hedge funds might have anticipated these moves accurately - assuming they don't face a scramble to cover their shorts in the near future.However, I cannot imagine the Fed is not watching gold and oil as carefully as we are.Hedge funds don't understand the power of this gold bull market.Plus, one has to wonder what $2,500 gold does for miners.Momentum is beginning to grab the 50-DAM.It still has to clear the July 6-month calendar range highs at 38.58.
Regardless, GDX looks like it has a lot of room to go, while the indices remain stuck in warning phases with bearish divergences in momentum.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events.
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