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Gold Surges As Positioning Indicators Suggest Renewed Optimism

COMMODITIES
  • Spot gold rose 1.3% on Monday to fresh 3-month highs at $1868.49/ounce.
  • According to government figures released on Friday, hedge fund managers increased their long-only position in U.S. futures and options by 12% from a week earlier. This represents the largest increase since June. Meanwhile, data compiled by Bloomberg show ETF investors have added to longs for the past six sessions, following months of sales.
  • Technically, the outlook remains bullish with a resumption of the underlying uptrend as the bullish price sequence of higher highs and higher lows extends. The focus now turns to $1875.7, the Jan 29 high.
  • Oil prices had been under pressure overnight from surging covid cases in Asia and underwhelming Chinese manufacturing data.
  • However, benchmarks staged a strong reversal during the US session, elevated by European economic reopenings and rising U.S. demand. Traveller (U.S) throughput has jumped six-fold since May 2020, which may suggest that global jet fuel demand is starting to lift off.
  • Both WTI ($66.22) and Brent ($69.44) crude futures rose over 1%. For WTI the focus is the March highs at 67.29, while the key psychological resistance remains 70.00 in Brent.
Energy BulletsCommodities
Energy BulletsCommodities

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