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Strategies & Market Trends : Ride the Tiger with CD

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Goose94

LoneClone

To: dara who wrote (301738)	12/2/2023 1:20:53 PM
From: dara	2 Recommendations Read Replies (2) of 312267

COTS as of November 28, 2023 Full Steam Ahead! Again, the commercials increased their net short position in gold to a large degree. In silver the commercial net short position was close to unchanged. See here and here and here. Gold rallied and made an all time new high on Friday. The gold chart is now in overbought territory. The HUI continued its rally and has made a new high for the move. Silver rallied along with gold and is just shy of its April high. Silver is well off the all time high of $50. (I've included the long term silver chart in this post.) Both gold and silver are trading above previous resistance levels of $2,070 and $25.00. Copper continued its rally since mid-November with a strong up day on Friday. Platinum and palladium are consolidating at their recent lows. WTIC closed the week at $74 which is at the low end of its recent range between the $75 - 76 level. Natgas has continued its move down breaking through the $3.00 support level closing the week at $2.81. The US$ bounced from the 102.50 level to above 103. Since the last FOMC meeting the yield on the 10 year US treasuries dropped from 5.2 to 4.2. It is anticipated to trade in this range for the next number of months. Of the market indices, the DOW had an incredible rally followed by the TSX. The SPX tagged along and the QQQ continued consolidating at its highs. Ed Steer's comments: On gold: "So it was a good news report in gold, but considering the price action since last Tuesday's cut-off, from a COMEX futures market perspective, gold is now firmly in bearish territory...but not extreme" On silver: "But make no mistake about it, from a COMEX futures market perspective, gold is now in a very bearish configuration -- and is even more so since the close of trading on Friday." Disaggregated futures and options - combined report: cftc.gov Legacy Report: Futures Only Commodity Exchange Incorporated: cftc.gov

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