Here is an important look at gold, silver and commodities.
Gold, Silver And Commodities
November 25 (King World News) – Ole Hansen, Head of Commodity Strategy at Saxo Bank: “Bullish bets across 24 major commodity futures tracked in this report held close to unchanged at 651,000 lots. Cyclical commodities led by oil and copper were sold while net-longs grow in gold, silver and platinum.
The grain sector led by corn and soybeans continued to be sold while strong buying of soft commodities continued. Not least due to short-covering in sugar and a further rise in cocoa longs.
Hedge funds responded to the latest trade developments by cutting bullish oil bets for the first time in five weeks. This before an end of week rally took both WTI and Brent crude oil to nine-week highs. The reduction was almost completely driven by a 19,593 lots cut in WTI bets while Brent held steady.
Hedge Funds Cut Bullish Oil Bets
The Natural gas short jumped by 74% as the market continued to digest and respond to alternating short-term weather forecasts.
Gold (+25k) and silver (+8k) buying resumed as both metals traded higher in response to concerns that the U.S.-China trade deal would struggle to get past the finish line.
Gold Responding To Possible US China Trade Deal
Silver Also Responding To Possible US China Trade Deal
Gold, silver and platinum were all bought with the two semi industrial metals regaining some of the recently lost ground relative to gold. In gold the change was driven by a combination of fresh longs and short-covering after the yellow metal found support at $1448/oz, the 38.2% retracement of the June to September rally.
Bearish copper bets meanwhile jumped by 56% to a four-week high as the metal challenged support at $2.61/lb.
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