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January 9, 2017

#Gold & #Silver: How does it look from here? $GLD $SLV, $HUI, $XAU

Large speculators as well as net commercial gold dealers slightly reduced positions. However the open interest starts to increase. (Attachment 1)


The Gold Barometers (Attachment 2) indicate that gold shares (GDM, HUI and XAU) are now in overbought territory. Shares of precious metals companies have vastly outperform last week the physical gold and silver price, which is in a neutral position.


KITCO Gold Survey reveals that Wall Street and Retail investors are in a bullish camp for next week (attachment 3).


The hourly gold chart (attachment 4) shows that gold had a good week closing at US$ 1,172 per ounce at 4 pm New York time last Friday for a  weekly gain of US$ 22 per ounce or 1.9%.


As concerns silver large speculators and net commercial dealers slightly increased their positions. These positions are historically very large. The open interest is low (attachment 5).


The hourly silver chart shows the nice rally on January 3rd, once the traders were back. For the rest of the week silver digested that rally (attachment 6).


We added a daily gold chart for the last 2 years to better understand where we stand with the current rally (attachment 7). As can be seen there is strong resistance around US$ 1,220 per ounce. The 300-day moving average is currently also at that level. The Point&Figure chart also indicates the resistance at US$ 1,210 per ounce (attachment 8).


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