In our new Gold Snapshot: Gold futures notched a two-week winning streak, closing above $2,000 an ounce for the first time since May 2023.
Comex Gold futures ended the week 0.47% higher, gaining $9.40 at $2012.4 per ounce, a 6-Month high, driven by a weaker dollar.
Raging Bulls continue to challenge bears, raising Week to-Week Open Interest by 12,047 lots or 1.2 M ounces, as traders increased their long bets exposure.
The metal closing above $2,000, might give a bit of pressure to the market makers as the Comex Gold Dec’23 will go off the board on Monday 27th.
COT report covering the week to Nov 21 showed managed funds were net-long for sixth straight week (and at their most bullish level since August 2023), increasing their position by 23%
(14,820 lots or 1.5M ounces) to 79,135 contracts. (page 2)
Gold options activity remains supportive for the metal, net gamma and net delta keep rising.
Download the gold weekly snapshot report below to view full details and corresponding graphs.