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Strategies & Market Trends : Ride the Tiger with CD
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To: dara who wrote (301308)10/28/2023 12:49:09 PM
From: dara1 Recommendation  Read Replies (1) of 312307
 
COTS as of October 24, 2023

The Commercials Add to Their Gold Shorts

For the second week in a row the commercials added to their net short positions in both silver and gold. Again the change in gold was very large. See here and here and here.

Gold is bouncing near overbought territory. The HUI had a positive close on Friday.

Copper is consolidating at the bottom of it's downward channel.

WTIC is consolidating around the $85 level. Natgas made new highs for this move which started in April.

The US$ is still consolidating at the 106 level near its recent high. The yield on the 10 year US treasuries pulled back on the news that Bill Ackman covered his bond short position.

The DOW, SPX, QQQ and TSX all made new lows for this move. The DOW is approaching its March low. Will it hold?

Ed Steer's comments:

On gold:

"Considering the fact that gold broke above and closed above its 200-day moving average during the week just past, this week's changes have to be viewed in the most positive light possible."

"Although gold's RSI trace is kissing overbought, it has some ways to go before it can be considered really overbought. So there's more room to the upside, as we witnessed from 1 p.m. EDT onwards on Friday afternoon."

On silver:

" ... makes for a continued very bullish set-up from a COMEX futures market perspective [for silver]."





























Disaggregated futures and options - combined report:

cftc.gov

Legacy Report: Futures Only Commodity Exchange Incorporated:

cftc.gov
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