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Strategies & Market Trends : Ride the Tiger with CD
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To: dara who wrote (302211)1/21/2024 7:57:01 PM
From: dara3 Recommendations

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COTS as of January 16, 2024

Precious Metals Continue Correcting - Indices Make New Highs.

The commercials reduced their net short positions in gold. In silver the changes were net neutral. See here and here and here.

Gold is trading just off its all time highs at $2029.30 having pulled back in the last week. The HUI is trading below its 200 dma and is approaching oversold territory. On Friday the HUI had a bounce. Silver is in the same position. (I've included the long term charts of gold in silver in this post to show the big picture.)

Copper is trading down to $3.75 and is just below its 200 dma.

Platinum and palladium continued their pull backs and bounced on Thursday and Friday.

WTIC has been trading in a range between $70 and $75. Natgas has had a dramatic drop from $3.30 to $2.50. Gareth Soloway is calling it a buy again.

Over the last two weeks the US$ has bounced from 101.39 to 103.29. The yield on the 10 year US treasuries also bounced from 3.91 to 4.15. Gareth Soloway is predicting it will settle around the 4.5 level.

Of the market indices, the TSX was the weakest a contrast from the last time I reported. The DOW, SPX and QQQ all made new highs this past week.

Ed Steer's comments:

On gold:

"... The fact still remains that despite that improvement, gold remains in a bearish configuration from a COMEX futures market perspective. .... "

On silver:

" ... the set-up for a rally in silver from a COMEX futures market perspective is still very bullish ... "

































Disaggregated futures and options - combined report:

cftc.gov

Legacy Report: Futures Only Commodity Exchange Incorporated:

cftc.gov
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