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Gold surpassed $ 1,800 yesterday as the recent depreciation of dollar pushed investors to look for bullion. FXTM analyst Lukman Otunuga said more impetus is needed to push the metal higher.
According to the latest COT report, CFMs increased their speculative long positions on Comex by 5,380 contracts to 117,272, while short positions fell by 18,295 contracts to 58,194. Now, the net length of gold is 59,078 contracts, which is 66% higher than the previous week.
Similarly, speculative long positions in silver rose 1,596 contracts to 48,227, while short positions jumped 3,581 contracts to 38,472. The metal's net length is now 9,755 contracts, which is 17% lower than the previous week.
But even if demand for silver is struggling, SocGen analysts said it appears to be oversold and ripe to cover short positions.
As for copper, growing concerns on economic growth continued to affect sentiment, so speculative long positions on Comex fell 4,758 contracts to 57,717. Meanwhile, short positions increased by 7,386 contracts to 38,759. Accordingly, copper's net length fell to 18,985, which is 39% lower than the previous week.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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