Crude Oil Bulls at Danger, Gold Demand Stays Agency, Copper Internet Longs Slashed
- Gold Stays in Demand
- Crude Oil Consumers Unsuitable-Footed by De-escalation in US/Iran Tensions
- Copper Internet Longs Slashed
Gold: In every week that began with an escalation of tensions between the US and Iran, the valuable metallic remained in demand with traders boosting their gross longs by 5%, whereas shorts rose 18%, which in flip noticed internet longs rise by 3%. Nevertheless, remember that this knowledge doesn’t cowl the interval during which there was a subsequent de-escalation in tensions in the direction of the latter stage of the week, prompting a pullback in Gold from a excessive of $1611. Elsewhere, silver internet longs noticed a discount for the primary time in a month (-2k heaps) as shorts rose 15%.
Oil: A 5th consecutive week of speculative shopping for in Brent crude oil, nonetheless, following the discount in geopolitical tensions, contemporary longs have been caught wrong-footed as Brent crude oil noticed a notable 10% pullback…