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Strategies & Market Trends : Ride the Tiger with CD

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To: dara who wrote (302697)	2/17/2024 5:12:52 PM
From: dara	3 Recommendations Recommended By LoneClone onepath ralfph Read Replies (2) of 312220

COTS as of February 13, 2024 Commodities Reverse Direction on Inflation News The TSX Makes New All Time Highs The commercials reduced their net short positions in both gold and silver. See here and here and here. Gold closed the week at $2,024 down from last week's close. It is heading towards its 200 dma which is still rising. Gold has support at $1,975 and key resistance at $2,000 and $2,070. The HUI dropped and popped still trading well below its 200 dma possibly making a bottom as it reached support of 200 which was the last low. Silver moved up to kiss its 200 dma closing the week at $23.48 making a rather bullish move for the week. Copper also made a strong move upwards from $3.68 to $3.84 closing at its 200 dma. Platinum and palladium also reversed their downward moves making a bottom and moving up on the week. WTIC moved up from $76.84 to $78.46. Natgas failed to join the party and continued to make a new 12 month low resting at $1.61 down from last week's close of $1.85. As the likelihood of a Fed cut in March and May decreased, the US$ made a new high for this move and pulled back continuing to consolidate around the 104 level. The yield on the 10 year US treasury moved upwards on the week from 4.13 to 4.30. The TSX made a new all time high while the DOW, SPX and QQQ all pulled back and attempted new highs. None of the indices are in overbought territory. Ed Steer's comments: On gold: " We are now back to the low numbers in gold [and silver] held by the Big 4/8 commercial shorts that were contained in the October 13 COT Report...which were very bullish. But, ... how big the ensuing rallies in both are allowed to get remains, as always, in the hands of the aforesaid mentioned short sellers of last resort. " On silver: " It's suffice to say that the incandescent white-hot bullish COMEX futures market set-up in silver was totally intact as of the COMEX close on Tuesday -- and as icing on the cake, there was a new intraday low in silver set during the Wednesday trading session. " Disaggregated futures and options - combined report: cftc.gov Legacy Report: Futures Only Commodity Exchange Incorporated: cftc.gov

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