COT Report: Gold, Silver, Crude Oil, Copper Analysis & News
- Fundamental Support for Gold Sees Investors Raise Bullish Bets
- Speculators Beginning to Position for Future Oil Rally
- Short-Term Factors Remain Bearish for Oil However
The Predictive Power of the CoT Report
Gold: In the week to April 28th, funds raised their long positions in gold by 2%, while outright shorts were slashed by 16%. As such, given that the macro backdrop remains fragile, fundamental support for the precious metal looks set to persist, particularly with renewed US-China tensions.
| Change in | Longs | Shorts | OI |
| Daily | 15% | -10% | 4% |
| Weekly | 13% | 5% | 9% |
Oil: Speculators have increased their long exposure to crude oil futures with buying likely driven by the risk-on sentiment. Alongside this, despite the short-term pressures expected to weigh on the energy market due to storage capacity constraints and oversupply, speculators appear to use this as an opportunity to prepare themselves for a future rally.
| Change in | Longs | Shorts | OI |
| Daily | -4% | 7% | -3% |
| Weekly | -13% | 55% | -7% |
Current Positions
Source: CFTC, DailyFX (Covers up to April 28th, released May 1st)
Oil Price Chart and Positions
Gold Price Chart and Positions
Silver Price Chart and Positions
Copper Price Chart and Positions
*Long & Short positions are adjusted for open interest
--- Written by Justin McQueen, Market Analyst
Follow Justin on Twitter @JMcQueenFX
