Gold prices continue to hover between $1,300 and $1,330 an ounce, and while some analysts are calling for further upside for the yellow metal, one firm thinks the long play is all tapped out. There's no denying that the Federal Reserve has been indirectly driving gold prices with its dovish commentary, but according to Morgan Stanley, the problem is that gold has repeatedly failed to break the $1,350 per ounce level. As a result, the firm is closing out its "long gold" position.
If Morgan Stanley is right, then funds like Sturgeon Capital which have benefited from the rise in gold prices may begin looking to unwind their positions.
Closing out gold long
Strategist Andrew Sheets and team said in a note...
