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Strategies & Market Trends : Ride the Tiger with CD
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To: dara who wrote (302620)2/10/2024 11:00:57 AM
From: dara2 Recommendations

Recommended By
LoneClone
ralfph

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COTS as of February 6, 2024

Indices Continue to Make New All Time Highs - Gold Consolidates

Before I start my weekly report, I'll mention that the most interesting charts are the 5 year charts of gold, silver and copper. Copper was in an uptrend until April of last year and then reversed to a downtrend ever since. You know what they say about Dr. Copper predicting turning points in the economy.

The commercials reduced their net short position in silver and increased their net short position in gold . See here and here and here.

Gold closed the week at $2,038 just below last week's close. It is trading above its 200 dma which is now rising. The HUI dropped further still trading below its 200 dma. The MACD turned downward.

Silver spent the week consolidating around $22.59 which is slightly below last week's close of $22.80. It is trading below its 200 dma.

Copper made a big down move from $3.82 to $3.68 and has moved below its 200 dma.

Platinum and palladium continued to move down and are well below their 200 dma. Palladium made new lows for the last 12 months.

WTIC reversed again and made a strong move up from $72.28 to $76.84. Natgas continued its move downwards making new 12 month lows. Natgas closed the week out at $1.85.

The US$ continues to consolidate around the 104 level. The yield on the 10 year US treasury moved upwards from 4.08 to 4.13 on the week.

The DOW, SPX, QQQ continued to make new highs. The TSX also moved upwards but is shy of this year's high. The SPX is the only index of the four that is in overbought territory.

Ed Steer's comments:

On gold:

" Gold, from a COMEX futures market perspective, is still in a bullish configuration, although nowhere near as bullish as silver. "

On silver:

" ... the white-hot bullish set-up that now exists in silver from a COMEX futures market perspective. "




































Disaggregated futures and options - combined report:

cftc.gov

Legacy Report: Futures Only Commodity Exchange Incorporated:

cftc.gov
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