In our new Gold Weekly Snapshot:
Gold raced to an all-time high, extending its record run this week to finish just shy of $2,200 level. FOMO, weaker dollar, and yields added fuel to the fire. See our highlights and download our latest gold weekly snapshot report.
- COMEX Gold Apr’24 ended the week higher up 4.3% at $2,185.5 per ounce, its best week since October 2023.
- Week to-Week Open Interest increased by a stellar 91K lots to 535,353 lots (53m ounces). 28,246 lots were added on Friday only.
- COT report covering the week to March 5th shows managed money (funds) hit the BUY button increasing their bullish bets for a fourth consecutive week by 95.6% or 53,610 lots to 109,763 contracts and it doesn’t even reflect the last three days buying frenzy (page 2).
- Call wall (highest gamma) increased from $2,100 to $2,200 for the Apr’24 contract, which is bullish for the metal.
- Traders have been loading up out of the money (OTM) options bets, judging by the skew. Implied volatility has been increasing for OTM call options, meaning higher demand for calls (page 3).
- A correction might be expected, as gold been flirting with $2,200 on Friday. Nonetheless the picture remains bullish, with a stellar momentum…
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.
