The Gold price has been under pressure for some weeks. Strategists at Commerzbank analyze XAU/USD outlook.

Declining investor interest

Declining investor interest can be seen from the marked fall in gold ETF holdings since the beginning of June. 

The picture is similar as far as speculative financial investors are concerned: they have likewise reduced their net long positions considerably of late. 

The withdrawal of investors has thus contributed to the price weakness in recent weeks.

See – Gold Price Forecast: XAU/USD unlikely to enjoy big gains for a while yet – TDS