Gold (XAU/USD) faces some Commodity Trading Advisor (CTA) selling amid the back-and-forth price action, but the latest Federal Reserve (Fed) meeting generated some demand for the Yellow Metal, Ryan McKay, Senior Commodity Strategist, notes.

Gold faces some CTA selling amid price wobbling

“Precious metals are trading weaker to start the week, but back-to-back weaker-than-expected inflation prints, along with the less hawkish details of the Fed meeting, have seen appetite for gold increase.”

“Plenty of uncertainty remains regarding timing of expected cuts, and macro positioning's beta to data surprises will remain elevated in the near term.”

“In this sense, the back-and-forth price action in the Yellow Metal saw some modest selling from CTAs, but these positions could be added back above $2,354/oz.”