| | | COTS as of April 23, 2024
Gold & Silver Pull Back While The Major Indices (DOW, SPX, QQQ & TSX) Bounce
The US$ and 10 Year Yield are Strong Ahead of the Fed Meeting Next Week
Reversing course, the commercials slightly increased their net short position in both gold and silver. Open interest decreased. See here and here and here.
Gold is consolidating just below its all time high closing the week out at $2,347.20 while the HUI played catch up and rallied strongly. Gold is well above its 200 dma and is no longer overbought. The HUI has a very interesting chart with the 50 dma crossing over the 200. It is not overbought.
Silver is consolidating below its recent high closing the week out at $27.25. It is no longer overbought but is well above its 200 dma. Both silver and gold could be making a bear flag indicating more downside possible in this correction.
Copper continued its strong move up for another week ending at $4.57. Copper is in overbought territory. The copper supply shortage it showing in its chart.
Platinum bounced near the end of the week and is at the lower end of its trading range. It is approaching oversold and is sitting just above its 200 dma. Palladium moved lower and is approaching oversold. It is well below its 200 dma.
WTIC spent the week moving higher closing the week out at $83.85 up from last week's close of $82.22. Natgas gapped up and then moved lower closing the week at $1.92 up from last week's close of $1.75 level. WTIC is not overbought and is above its 200 dma. In contrast, natgas is below its 200 dma although no longer oversold.
With expectations that the Fed will not cut rates at next week's meeting, the US$ has been consolidating near its highs for this move closing the week out at 105.80 up from last week's close of 105.63. It is not overbought and is above its 200 dma. The yield on the 10 year US treasury has been consolidating at its recent highs closing the week at 4.67.
The DOW, SPX, QQQ and TSX are bouncing from their oversold positions. Is there room for this move?
Ed Steer comments:
On gold:
"Like for silver, the set-up from a COMEX futures market perspective in gold, remains wildly bearish from any angle one cares to look at it."
On silver:
"Needless to say, the structure from a COMEX futures market perspective, remains wildly bearish ..."
Disaggregated futures and options - combined report:
cftc.gov
Legacy Report: Futures Only Commodity Exchange Incorporated:
cftc.gov |
|
