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Net long Gold positions fell 36%

FXStreet (Mumbai) - Amid the slide in Gold prices, hedge funds made their biggest cut in bullish bets on Gold. As per Us government data, the net-long position in New York futures and options contracted 36%.

As per Commodity Futures Trading Commission data, the net-long position in gold fell by 25,226 contracts to 45,072 futures and options in the week ended Nov. 4. Meanwhile, Long holdings tumbled 12 percent, the biggest drop since December 2012.

Moreover, the fall in bullish bets is accompanied by a drop in the SPDR Gold Trust, the biggest bullion ETF, which fell 1.9% last week. However, it is widely believed that purchases from Asia will support Gold.

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According to Karen Jones, Head of Technical Analysis at Commerzbank, the negative bias is still intact for GBP/USD pair, with a medium term target of 1.5780/1.5721 en route to 1.5320 then 1.5201, the long term targets.
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