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macroAug 10, 2026, 1:39 PM

Gold Capped Below $4,400 as CTAs Unwind, TD Securities Reports

Gold is holding gains after weaker U.S. jobs data, but CTA selling is limiting the upside below $4,400, according to TD Securities.

XAUUSD

Gold prices remain supported following weaker-than-expected U.S. jobs data, which reduced perceived risks of further Federal Reserve rate hikes. However, upside momentum is being capped below the $4,400 level as Commodity Trading Advisors (CTAs) are unwinding long positions, according to TD Securities strategists.

The unwinding of CTA positions introduces selling pressure that restricts gold's ability to rally further, even as macro conditions turn more favorable. The strategists note that while the lower-rate environment offers a tailwind, the CTA flows are creating a ceiling that keeps the precious metal rangebound for now.

Source: FXStreet Forex News