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Strategies & Market Trends : Ride the Tiger with CD
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To: dara who wrote (301993)1/7/2024 9:22:39 PM
From: dara2 Recommendations

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COTS as of January 2, 2024

Post Fed Meeting Reactionary Moves.

The commercials made small changes to their positions - increasing their net short position in silver and decrease their net short position in gold. In gold the commercials decreased their net short position and increased their long positions. See here and here and here.

Gold is trading just off its all time highs at $2049.80. The HUI is trading around its 200 dma. Silver is trading at support at $23.32 around its 300 dma. (I've included the long term charts of gold in silver in this post to show the big picture.)

Copper has pulled back to $3.81.

Platinum and palladium have pulled back to levels held before the FOMC announcement.

WTIC has bounced from its recent low made after the FOMC announcement. Gareth Soloway continues to call WTIC correctly. Natgas looks stronger having bounced from its low.

The US$ has bounced from 101.39 to 102.32. The yield on the 10 year US treasuries also bounced from 3.91 to 4.05. Gareth Soloway is predicting it will settle around the 4.5 level.

Of the market indices, the TSX was the strongest with the DOW consolidating at its highs and the SPX and QQQ having corrected from their highs.

Ed Steer's comments:

On gold:

"... the commercial net short position from a COMEX futures market perspective remains very firmly embedded in bearish territory. "

On silver:

" Silver remains in a mostly market neutral to slightly bearish state from a COMEX futures market perspective. But not anywhere near as bad as the bearish configuration that currently exists in gold. "

































Disaggregated futures and options - combined report:

cftc.gov

Legacy Report: Futures Only Commodity Exchange Incorporated:

cftc.gov
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