... speculative positions in U.S. dollar futures have turned negative (i.e. short positions outnumbering long positions) for the first time in more than two years. This is a bullish indicator for gold, which typically trades against the U.S. currency; when traders go short on the greenback, they often go long on gold on the other side of the trade.

"In the three previous instances [since 2007] where speculative positions turned short [the U.S. dollar], bullion gained more than 30 per cent in the following year," said Stéfane Marion, chief economist and strategist at National Bank Financial, in a research note this week.

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