COTS as of February 1, 2024
March Rate Cuts Off the Table - Indices Make New All Time Highs
The commercials reduced their net short position in silver while decreasing their net short position in gold. See here and here and here.
Gold popped to the $2,050 level and consolidated at this higher number. It is trading above its 200 dma. The HUI continued to move sideways still trading below its 200 dma. The MACD turned giving a positive signal both for gold and the HUI.
Silver continued to trade at the $22.80 level and is trading below its 200 dma. Copper dropped a couple of pennies to $3.82 and is trading above its 200 dma. (I've included the the 5 year charts of gold, silver and, just for fun, copper in this post to show the big picture.)
Platinum and palladium pulled back slightly from last week's level.
WTIC reversed and made a strong move to the downside closing the week at $72.28. Natgas also moved down and is approaching its low made last April. Natgas closed the week out at $2.08.
The US$ continued to move sideways spending the week consolidating around 103.78. The yield on the 10 year US treasury made a strong move down on the FOMC announcement and then moved upwards on the Friday's job number ending the week flat at 4.08 again.
The DOW, SPX, QQQ continued to make new highs. The TSX pulled back from its recent highs. The SPX and QQQ worked off their overbought condition. The DOW and TSX are not yet overbought.
Ed Steer's comments:
On gold:
" But from a COMEX futures market perspective, the set-up in gold now has to be considered bullish, although not nearly as white-hot bullish as it is in silver. "
On silver:
" So, from a COMEX futures market perspective, we're back to being in a wildly bullish configuration for a monster rally in silver. "
If you really like to dive deep into the COT report, Ted Butler had an article this week on a new development in the COT report.
Disaggregated futures and options - combined report:
cftc.gov
Legacy Report: Futures Only Commodity Exchange Incorporated:
cftc.gov |
