FXStreet notes that there is yet another wedge forming in the yellow metal. The market may be bullish on gold, but positioning certainly doesn't reflect it, as analysts at TD Securities note.

“Dry-powder analysis suggests a modest bullish tilt in trader positioning, but no outsized length given the number of traders long.” 

“The unprecedented scale of QE, the clean positioning lens, and the shrunk left tail (with little risk of further CTA deleveraging) all suggest that the outlook for gold prices remains particularly strong.”

“The wedge between gold's outlook and positioning is creating a powerful set-up for a sharp rise in prices.”