Gold: After drifting slightly lower on Monday, #gold has recovered much of this weakness and is trading around $1248.50/oz in early London trading on Tuesday.
(Short thread)
(Short thread)
Gold: The delayed release of the COTR data from the CFTC saw changes in the week to last Tuesday 4 December, but considering the changes in Comex total open interest, not quite as large as I expected.
2/7
2/7
Gold: The net managed money position in #gold was virtually eliminated (-0.2 Million ounces) as 2Moz of new longs entered the market and 3 million ounces of shorts covered.
3/7
3/7
Gold: The 2-million-ounce uptick in #gold Gross Managed Money Longs can be more clearly seen here, although positions remain modest in a historical context.
4/7
4/7
Gold: And the reduction in Gross Short positions is also clear to see here, leaving the market with still substantial #gold shorts, albeit less than was seen at the highs in October.
5/7
5/7
Gold: So, what to make of all of this?
Clearly there has been some short covering in #gold. There is the potential for more, with a likely trigger the break of the 200day moving average in the Comex Dec future the key level, about $20 above current levels.
6/7
Clearly there has been some short covering in #gold. There is the potential for more, with a likely trigger the break of the 200day moving average in the Comex Dec future the key level, about $20 above current levels.
6/7
Gold: But for further strong gains in the #gold price, new longs will have to join the party, either on Comex, or via ETFs, or possibly on Shanghai. There have been some signs of this, but they have been modest so far.
7/7
7/7
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Good morning. Please unroll. Thank you
Good morning. Please unroll. Thank you
