Metal’s, COT Style
Bottom Line: Based on our COT analysis, the Metals as a group have at least one more push higher, with Large Spec buying driving prices.
As Gold approaches our 1111.1 Elliott Wave target, we continue to see Commercial selling and Large Spec buying at high levels, which is a bullish signal. However, the end will come to this rally as Large Spec buying and Commercial selling begin to decrease and Commercial buying increases.
Silver continues to have a bullish COT profile, with Commercial selling and Large Spec buying at levels that continue to support another push to the Elliott Wave target of 18.61.
As we close with Copper, we see Commercial selling and Large Spec buying (the power behind rallies in Copper) at extreme levels and the EW targets of 310.1 and 322.1 fast approaching. We believe Copper too, has at least one more push higher. However, the end will come to this rally as Large Spec buying and Commercial selling begin to decrease and Commercial buying increases.
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