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Hedge Funds Are Driving Price Action In The Gold Market The Commitment of Traders analysis last month showed that selling had been exhausted and hedge funds were going long again. It highlighted the trouble gold faced at the $1,800 level. After the October Jobs and Inflation data, hedge funds went big into the market driving prices solidly through $1,800 before the market ran out of steam at $1,870. The multiple attempts on $1,870 in rapid succession looked like another resistance would fall and send gold up through $1,900, especially if Brainard was nominated as Fed chair. Unfortunately, resistance held strong and a Powell nomination sent gold back through newly established support, which proved much more fragile on the way down vs the way up. Gold is trapped below $1,800 again. A very weak jobs report provided only enough fuel to keep gold flat on the week. Will a hot inflation report next week be perceived as a “hawkish fed trade” or a “wealth preservation trade?” It all depends on managed money. The hedge funds are in complete control of this market at the moment as the data below shows.