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Gold Shopping for Persists, Oil Longs Prolonged, Copper Dangers Topping Out – COT Report

COT Report: Evaluation & Information

Gold Shopping for PersistsOil Bulls at 13-Month Excessive, Nevertheless, Eyes on GeopoliticsCopper Dangers Topping Out

The Predictive Energy of the CoT Report

Gold: The dear steel ended the 12 months on a constructive be aware as speculators continued to demand gold, having raised their lengthy positions by eight%, whereas shorts had been little modified. As we now have talked about beforehand, seasonal components are sometimes constructive for gold in January, gaining on common three.2% in January over the previous 10-years (solely August has seen a greater 10-year common at three.9%). This 12 months has been no completely different with the valuable steel rising three.three% to this point this month amid the elevated geopolitical tensions within the center east. Elsewhere, traders boosted their silver internet longs by 11%, marking the biggest bullish guess since September.

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Oil: Previous to the rise in tensions between the US and Iran, which briefly took Brent crude oil futures above $70/bbl. Traders had been more and more bullish on the power market with internet longs in Brent crude oil rising to a 13-month excessive. Nevertheless, whereas geopolitical dangers can result in sharp spikes in oil costs, they are often considerably short-lived given the oil markets skill to be considerably versatile as evidenced by the September Saudi Arabian oil facility assaults.

How to Use IG Client Sentiment in Your Trading

How to Use IG Client Sentiment in Your Trading

Beneficial by Justin McQueen

Enhance your buying and selling with IG Consumer Sentiment Information

Copper: Web longs within the industrial steel grew barely as funds marginally in the reduction of on their brief positions by 1%. Nevertheless, copper could possibly be beginning to high out as traders chorus from taking on contemporary longs. As such, copper is prone to take its cue from the danger surroundings, due to this fact a pullback in fairness markets from its comparatively lofty ranges is prone to weigh.

Present Positions

Gold Buying Persists, Oil Longs Extended, Copper Risks Topping Out - COT Report

Supply: CFTC, DailyFX (Covers as much as December 31st, launched January 6th)

Oil

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Gold

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Silver

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Copper

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*Lengthy & Brief positions are adjusted for open curiosity

— Written by Justin McQueen, Market Analyst

To contact Justin, electronic mail him at Justin.mcqueen@ig.com

Comply with Justin on Twitter @JMcQueenFX


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