Commerzbank says an important factor in the near-term price direction for gold could be the weekly Commodity Futures Trading Commission’s weekly commitment of traders data. Normally the data is released on Fridays, but it will be released Monday in the U.S. afternoon because of the Thanksgiving holiday. In the most recent data speculators had added to their net-long gold positions; however, the data did not include the bulk of the recent price weakness. “Depending on how severe the cuts in net long positions are, there is additional corrective potential from this side,” the bank says. Gold has weakened as European leaders continue to make little progress in solving their sovereign debt issue
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