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Gold Weekly Snapshot, Nov 27, 2023

In our new Weekly Gold Snapshot: Gold futures notched a two-week winning streak, closing above $2,000 an ounce for the first time since May 2023.

  • Comex Gold futures ended the week 0.47% higher, gaining $9.40 at $2012.4 per ounce, a 6-Month high, driven by a weaker dollar.
  • Raging Bulls continue to challenge bears, raising Week to-Week Open Interest by 12,047 lots or 1.2 M ounces, as traders increased their long bets exposure.
  • The metal closing above $2,000, might give a bit of pressure to the market makers as the Comex Gold Dec’23 will go off the board on Monday 27th.
  • COT report covering the week to Nov 21 showed managed funds were net-long for sixth straight week (and at their most bullish level since August 2023), increasing their position by 23%
    (14,820 lots or 1.5M ounces) to 79,135 contracts. (page 2)
  • Gold options activity remains supportive for the metal, net gamma and net delta keep rising.
 
Download the gold weekly snapshot report below to view full details and corresponding graphs.

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