Gold Breaks Above 200-Day Moving Average, Goldman Sachs Trading Desk Boosts Long Positions to 60%, Major Clients Bet on Silver Reaching $90 in Three Months

Spot gold has risen about 15% since its July low, breaking above the 200-day moving average and returning to $4,600 per ounce. Goldman Sachs' trading desk has raised long positions to 60%. With surging demand for call options, market makers' dynamic hedging could further reinforce the positive feedback loop of "buying more as prices rise," amplifying gold's upside momentum. Meanwhile, expectations of a dovish Fed policy shift and a weaker dollar, coupled with central bank gold purchases and improved ETF demand, continue to strengthen the fundamental support for gold's rally.