Gold has continued on the road to recovery this week. However, economists at Commerzbank expect the yellow metal to struggle to extend its gains.

Short-term-oriented investors are optimistic

“We believe that the market will initially take a breather until it becomes clearer whose prediction of the future course of US monetary policy is more accurate – the market’s or the Fed’s.”

“The CFTC’s data are likely to confirm once again that short-term-oriented investors in particular are optimistic; by contrast, the stagnating ETF holdings indicate that ETF investors remain sceptical.”