Gold and oil are still struggling as they were the weakest groups this past week. Will it last? Or will the broader market and the commodities trade places?
Gold buying by central banks surged to 60 tons in October, mainly led by the Reserve Bank of India (RBI), which added 27 tons of the precious metal to its reserves.
But once you add in the 29,381 contracts currently held short by Ted's raptors, the commercial net short position in gold works out to 62.0 percent of total open interest, up from the 57.7 percent they were short in the prior COT Report.
I think we'll be seeing some very hot action in a number of sectors, especially the silver and uranium stocks. The SIL ETF is particularly exciting right now.
Today's payroll, followed by the CPI and PPI is the last dataset before the Fed decides on rate cuts. Gold typically enjoys the Santa Claus rally that begins mid-December.
The gold price is doesn't seem to be going anywhere. The market is trying to figure out what the next move is going to be. The current pattern is back to bullish.
