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Gold Weekly Snapshot, Jan 16, 2024

In our new Gold Weekly Snapshot:

Gold preserved its bullish momentum on Friday, snapping 5 sessions losing streak, as inflation data sparked volatility.

  • Comex Gold ended the week practically unchanged up 0.1% at $2,051.6 per ounce, as inflation numbers continue to blow hot and cold on rate cut expectations.
 
  • Trading pattern remained the same this week, with the metal getting a bid during Asian trading session, to sell-off during London and New York session.
 
  • Week to-Week Open Interest increased by 3,661 to 498,334 lots (49.3 m ounces).
 
  • COT report covering the week to Jan 9 showed large speculators (funds + other) trimmed their bullish position by 19,035 lots ($3.9B in notional) to 188,614 contracts.
 
  • $2,080 is our current max upside target (highest gamma level), before Feb’24 contract goes off the board (Jan 25th).
 
  • A break below 2,020 will push the metal toward 2,000 (put support), our warning level.

 

Below you can directly download our gold weekly snapshot report backed up with graphs made by our analysts.

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