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Gold Weekly Snapshot, Dec 18, 2023

In our new Gold Weekly Snapshot: Precious metals-complex experienced a volatile week

The violatile market was a reaction to J. Powell’s dovish comments on Wednesday which unleashed animal spirits in bonds, stocks, and gold, with the latest retracing on Friday after three FED speakers pushed back on Powell ‘pivot’. Below you can see the top highlights of our weekly gold snapshot:

  • Comex Gold gave back some of its dovish gains ‘on Friday closing lower by 0.45% to $2,036.5 per ounce but hold some gains for the week ended up 1.05%, keeping prices above the $2,000 level.
  • Schizophrenic equity market continues to siphon off away money from the precious metals complex.
  • Week to-Week Open Interest decreased by 2,737 to 477,622 lots.
  • COT report covering the week to Dec 12 showed managed funds trimmed their bullish position by 12.7% or -10,273 lots ($2B in notional) to 95,528 contracts. (page 3)
  • Bear in mind, this latest report doesn’t reflect Wednesday madness.
  • Trading flows and seasonality remain supportive for the metal, with traders increasing their long bets on strike 2,080/2,100/2,150. (page 4)
  • The call resistance (highest gamma level) moved back up to 2,100 from 2,080 the previous week, a bullish sign from a positioning point of view.

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