An Easter Hit for Gold?

April 10, 2023

by Alasdair MacLeod Gold Money

Gold and silver rallied ahead of the Easter weekend, with silver being exceptionally strong. Gold closed last night at $2008.8, up $39 from last Friday’s close. And silver was up 90 cents at $24.97.

On the last Commitment of Traders report dated 28 March, the Managed Money category was net long 99,160 contracts on Comex, approaching the neutral position of about 110,000 net longs. Since then, it is likely that this category has begun to creep into marginally overbought territory. However, measured by Open Interest, the gold contract as a whole is still not overbought.