Gold Traders Hold Long Positions

Gold and Silver Market Insights

As I said in previous reports, it seems that the traders holding long positions in gold and silver (as shown in last week’s commitment of traders reports) show, that they are content with their long positions.

This past week an increase of 2000 contracts in the gold market and a small decline in Silver of 4000 contracts. The numbers now show traders holding 193,000 long contracts in Gold and 60,000 long contracts in silver.

CBOE VIX index on the uptick today breaking thru the 10 level showing some life in the near-term for increased volatility in the equity markets. Subsequently the price of gold seems to be following that lead.

Levels to watch in gold are at the $1,290 area on the upside and $1,261 on the down side. Silver on the upside $ 17.32 on the upside on $ 16.48 on the downside.

Have a wonderful Wednesday

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