Gold: CTA selling risk and structural cracks – TD Securities

TD Securities’ Senior Commodity Strategist Daniel Ghali warns that Commodity Trading Advisors (CTAs) are likely to sell Gold unless prices stage a strong rebound in the coming week. TD Securities’ Senior Commodity Strategist Daniel Ghali warns that Commodity Trading Advisors (CTAs) are likely to sell Gold unless prices stage a strong rebound in the coming week. He argues… TD Securities’ Senior Commodity Strategist Daniel Ghali warns that Commodity Trading Advisors (CTAs) are likely to sell Gold unless prices stage a strong rebound in the coming week. TD Securities’ Senior Commodity Strategist Daniel Ghali warns that Commodity Trading Advisors (CTAs) are likely to sell Gold unless prices stage a strong rebound in the coming week. He argues Gold is behaving like a risk asset due to USD diversification flows and a wartime hit to official-sector surpluses. Ghali advises waiting for CTA long capitulation and highlights further potential unwinds of the debasement trade.CTAs poised to liquidate Gold longs"CTAs… For traders, this matters because commodity headlines often feed directly into inflation expectations, sector rotation and currency pricing. Watch follow-through, not just the first reaction: liquidity, volatility and confirmation across related assets usually tell the real story.