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Gold Weekly Snapshot, Feb 5, 2024

In our new Gold Weekly Snapshot:

Gold shrugged off J.Powell hawkishness (March rate-cut off the table), much better than expected US job numbers, to finish the week higher. Below are the key highlights of our latest gold weekly snapshot:

  • Comex Gold ended the week at a 1-month high, up 1.8% at $2,053.7 per ounce, despite higher dollar and yields. Middle East and regional banks tensions put a floor on the metal.

 

  • Week to-Week Open Interest decreased by 33,155 or 7.3% to 419,859 lots (42m ounces), reaching a five-year low.

 

  • COT report covering the week to Feb 2 shows speculators (funds) trimmed their bullish bets for a fourth consecutive week by 5,009 lots ($1.03B in noTonal) to 56,024 contracts.

 

  • $2,100 is our current max upside target (highest gamma level) for the Apr’24 contract. As long as gold holds above $2,000, we remain positive.

 

  • Bets for out of the money (OTM) options remain decent, judging by the skew. Implied volatility has been increasing for OTM call options, meaning higher demand for calls (page 3 of the report).”

Download our gold weekly snapshot below. If you have any questions regarding the latest gold movements or gold investment advice don’t hesitate to reach out to our InProved analysts.

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