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Gold Weekly Snapshot, Jan 22, 2024

In our new Gold Weekly Snapshot:

Gold has been affected by several factors this week, prompting traders to reprice their rate-cut expectations, while offsetting the geopolitical risk premium from the middle East. Here is what we’re bringing you in our latest gold weekly snapshot report:

  • Comex Gold ended the week at a 5-week low, down 1.1% at $2,029.3 per ounce. This change is following better than expected data (retail sales, housing permits and jobless claims) and hawkish FED speakers, pushing the U.S dollar and yields higher.

 

  • Week to-Week Open Interest decreased by 31,260 to 466,479 lots (46.6 m ounces).

 

  • COT report covering the week to Jan 16 shows speculators (funds) trimmed their bullish bets. It happens for a second consecutive week by 5,230 lots ($1.05B in notional) to 83,239 contracts.

 

  • $2,050 is our current max upside target (highest gamma level) for the Feb’24 contract. A quick push below 2,000 might be expected before the expiration date (25 Jan).

 

  • We can see short term weakness in the lead contract. Traders have been building up long positions on April, June contracts. (view 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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