| | | COTS as of March 5, 2024
Gold Break Out Confirms - Now In Overbought Territory
New All Time Highs for the TSX, SPX and QQQ While the DOW Rests
Right on schedule the commercials increased their net short positions in both gold and silver. See here and here and here.
Gold once again made new all time highs closing the week at $2,185.50 and confirming the breakout. Gold is now in overbought territory. The HUI also continued a strong move upwards and is just above its 200 dma. It is not yet in overbought territory.
Silver made a new high for the move closing the week at $24.55 up from last week's close of $23.36.
Copper moved up from $3.86 to $3.89 and is trading above its 200 dma.
Platinum moved up from $888.00 to $914.80. Palladium also moved up from $988.50 to $1,025.30.
WTIC pulled back from $79.97 closing at $78.01. Natgas consolidated around $1.81 from last week's close of $1.80.
The US$ dropped from last week's close of 103.93 to the 102.69 level. The yield on the 10 year US treasury continued to move lower on the week from last week's close of 4.19 to 4.09.
The TSX powered higher making new all time highs along with the SPX and QQQ while the DOW consolidated just below their recent highs. RSI continues to diverge for the DOW, SPX and QQQ while it is positive for the TSX.
Ed Steer's comments:
On gold:
"But, having said that — and looking at the price action since the Tuesday cut-off…combined with the ongoing blow-out in total open interest, one has to presume that from a COMEX futures market perspective, that we’ve swung from a very bullish configuration, to a bearish configuration in gold in the last seven trading sessions."
" ... Unless ‘da boyz’ get overrun, another ‘wash, rinse & spin’ cycle appears imminent — and if/when it does appear, I suspect that it won’t last long, but could be ugly."
On silver:
"From a COMEX futures market perspective, the set-up is still bullish…but not anywhere near as bullish as it was a week ago. "
Disaggregated futures and options - combined report:
cftc.gov
Legacy Report: Futures Only Commodity Exchange Incorporated:
cftc.gov |
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