Metals

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COT Metals Charts: Weekly Speculator Bets see small gains for Silver & Gold

Here are the latest charts and statistics for the Commitment of Traders (COT) data published by the Commodities Futures Trading Commission (CFTC).

The latest COT data is updated through Tuesday July 7th and shows a quick view of how large traders (for-profit speculators and commercial entities) were positioned in the futures markets.

Weekly Speculator Changes led by Silver & Gold

The COT metals markets speculator bets were overall lower this week as just two out of the six metals markets we cover had higher positioning while the other four markets had lower speculator contracts.

Leading the muted gains for the metals was Silver (647 contracts) with Gold (227 contracts) also showing positive weeks.

The markets with declines in speculator bets for the week were Platinum (-1,129 contracts), Copper (-516 contracts), Steel (-349 contracts) and with Palladium (-334 contracts) also registering lower bets on the week.

Copper leads the Metals Markets price performances

In the major Metals Markets this week, Copper was the highest mover with a modest 0.93% gain over the past 5 days. Steel followed that with a 0.72% rise, and Palladium rounded out the gainers with a small 0.30% increase.

On the downside, Gold fell by -2.26% on the week, followed by Platinum with a -2.3% decrease.

The biggest decliner on the week was Silver, which declined by -5.28%.

Metals Data:

Legend: Weekly Speculators Change | Speculators Current Net Position | Speculators Strength Score compared to last 3-Years (0-100 range)

Strength Scores led by Copper & Steel

COT Strength Scores (a normalized measure of Speculator positions over a 3-Year range, from 0 to 100 where above 80 is Extreme-Bullish and below 20 is Extreme-Bearish) showed that Copper (87 percent) and Steel (71 percent) lead the metals markets this week. Palladium (61.1 percent) comes in as the next highest in the weekly strength scores.

On the downside, Silver (34 percent) comes in at the lowest strength level currently while the next lowest strength score was Platinum (46 percent).

Strength Statistics:
Gold (50.3 percent) vs Gold previous week (50.2 percent)
Silver (34.0 percent) vs Silver previous week (32.9 percent)
Copper (86.9 percent) vs Copper previous week (87.4 percent)
Platinum (45.7 percent) vs Platinum previous week (48.5 percent)
Palladium (61.1 percent) vs Palladium previous week (63.3 percent)
Steel (71.4 percent) vs Steel previous week (73.0 percent)

Gold & Silver top the 6-Week Strength Trends

COT Strength Score Trends (or move index, calculates the 6-week changes in strength scores) showed that Gold (16 percent) and Silver (10 percent) lead the past six weeks trends for metals.

Steel (-14 percent) leads the downside trend scores currently with Palladium (-12 percent) as the next market with lower trend scores.

Move Statistics:
Gold (16.4 percent) vs Gold previous week (14.0 percent)
Silver (9.8 percent) vs Silver previous week (4.5 percent)
Copper (-7.9 percent) vs Copper previous week (-10.0 percent)
Platinum (-9.5 percent) vs Platinum previous week (-7.3 percent)
Palladium (-11.7 percent) vs Palladium previous week (-12.1 percent)
Steel (-14.0 percent) vs Steel previous week (-11.2 percent)

Individual Markets:

Gold Comex Futures Futures:

Positioning Notes:

Gold Comex Futures large speculator standing this week was a net position of 194,246 contracts in the data reported through Tuesday.
Weekly Speculator position gain of 227 contracts from the previous week which had a total of 194,019 net contracts.
This week’s current strength score (range over the past 3 years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 50.3 percent.
The Commercials are Bearish with a score of 47.1 percent.
The Small Traders (not shown in chart) are Bearish with a score of 47.9 percent.

Price Trend-Following Model: Strong Downtrend

Our weekly trend-following model classifies the current market price position as: Strong Downtrend.

Gold Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	62.9	16.0	12.3
– Percent of Open Interest Shorts:	10.6	75.8	4.7
– Net Position:	194,246	-222,282	28,036
– Gross Longs:	233,713	59,564	45,636
– Gross Shorts:	39,467	281,846	17,600
– Long to Short Ratio:	5.9 to 1	0.2 to 1	2.6 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	50.3	47.1	47.9
– Strength Index Reading (3 Year Range):	Bullish	Bearish	Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	16.4	-14.6	-10.1

Silver Comex Futures Futures:

Positioning Notes:

Silver Comex Futures large speculator standing this week was a net position of 28,015 contracts in the data reported through Tuesday.
Weekly Speculator position boost of 647 contracts from the previous week which had a total of 27,368 net contracts.
This week’s current strength score (range over the past 3 years, measured from 0 to 100) shows the speculators are currently Bearish with a score of 34.0 percent.
The Commercials are Bullish with a score of 68.4 percent.
The Small Traders (not shown in chart) are Bearish with a score of 35.6 percent.

Price Trend-Following Model: Strong Downtrend

Our weekly trend-following model classifies the current market price position as: Strong Downtrend.

Silver Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	37.6	29.9	23.7
– Percent of Open Interest Shorts:	10.9	71.0	9.3
– Net Position:	28,015	-43,095	15,080
– Gross Longs:	39,446	31,337	24,829
– Gross Shorts:	11,431	74,432	9,749
– Long to Short Ratio:	3.5 to 1	0.4 to 1	2.5 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	34.0	68.4	35.6
– Strength Index Reading (3 Year Range):	Bearish	Bullish	Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	9.8	-3.5	-19.9

Copper Grade #1 Futures Futures:

Positioning Notes:

Copper Grade #1 Futures large speculator standing this week was a net position of 64,272 contracts in the data reported through Tuesday.
Weekly Speculator position decrease of -516 contracts from the previous week which had a total of 64,788 net contracts.
This week’s current strength score (range over the past 3 years, measured from 0 to 100) shows the speculators are currently Bullish-Extreme with a score of 86.9 percent.
The Commercials are Bearish-Extreme with a score of 13.0 percent.
The Small Traders (not shown in chart) are Bullish with a score of 60.3 percent.

Price Trend-Following Model: Uptrend

Our weekly trend-following model classifies the current market price position as: Uptrend.

Copper Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	38.4	35.1	7.4
– Percent of Open Interest Shorts:	12.8	64.3	3.9
– Net Position:	64,272	-73,170	8,898
– Gross Longs:	96,440	88,070	18,622
– Gross Shorts:	32,168	161,240	9,724
– Long to Short Ratio:	3.0 to 1	0.5 to 1	1.9 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	86.9	13.0	60.3
– Strength Index Reading (3 Year Range):	Bullish-Extreme	Bearish-Extreme	Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	-7.9	8.9	-9.1

Platinum Futures Futures:

Positioning Notes:

Platinum Futures large speculator standing this week was a net position of 13,872 contracts in the data reported through Tuesday.
Weekly Speculator position reduction of -1,129 contracts from the previous week which had a total of 15,001 net contracts.
This week’s current strength score (range over the past 3 years, measured from 0 to 100) shows the speculators are currently Bearish with a score of 45.7 percent.
The Commercials are Bullish with a score of 60.8 percent.
The Small Traders (not shown in chart) are Bearish with a score of 42.7 percent.

Price Trend-Following Model: Downtrend

Our weekly trend-following model classifies the current market price position as: Downtrend.

Platinum Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	42.5	33.6	14.1
– Percent of Open Interest Shorts:	16.7	66.6	7.0
– Net Position:	13,872	-17,702	3,830
– Gross Longs:	22,825	18,023	7,579
– Gross Shorts:	8,953	35,725	3,749
– Long to Short Ratio:	2.5 to 1	0.5 to 1	2.0 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	45.7	60.8	42.7
– Strength Index Reading (3 Year Range):	Bearish	Bullish	Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	-9.5	14.3	-20.9

Palladium Futures Futures:

Positioning Notes:

Palladium Futures large speculator standing this week was a net position of -4,658 contracts in the data reported through Tuesday.
Weekly Speculator position decrease of -334 contracts from the previous week which had a total of -4,324 net contracts.
This week’s current strength score (range over the past 3 years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 61.1 percent.
The Commercials are Bearish with a score of 43.1 percent.
The Small Traders (not shown in chart) are Bearish with a score of 35.9 percent.

Price Trend-Following Model: Downtrend

Our weekly trend-following model classifies the current market price position as: Downtrend.

Palladium Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	35.5	46.6	11.9
– Percent of Open Interest Shorts:	61.6	23.3	9.1
– Net Position:	-4,658	4,161	497
– Gross Longs:	6,345	8,315	2,127
– Gross Shorts:	11,003	4,154	1,630
– Long to Short Ratio:	0.6 to 1	2.0 to 1	1.3 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	61.1	43.1	35.9
– Strength Index Reading (3 Year Range):	Bullish	Bearish	Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	-11.7	12.9	-11.8

Steel Futures Futures:

Positioning Notes:

Steel Futures large speculator standing this week was a net position of 8,363 contracts in the data reported through Tuesday.
Weekly Speculator position lowering of -349 contracts from the previous week which had a total of 8,712 net contracts.
This week’s current strength score (range over the past 3 years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 71.4 percent.
The Commercials are Bearish with a score of 29.3 percent.
The Small Traders (not shown in chart) are Bearish with a score of 47.8 percent.

Price Trend-Following Model: Strong Uptrend

Our weekly trend-following model classifies the current market price position as: Strong Uptrend.

Steel Futures Statistics	SPECULATORS	COMMERCIALS	SMALL TRADERS
– Percent of Open Interest Longs:	28.4	64.1	0.7
– Percent of Open Interest Shorts:	7.5	85.4	0.3
– Net Position:	8,363	-8,533	170
– Gross Longs:	11,353	25,662	274
– Gross Shorts:	2,990	34,195	104
– Long to Short Ratio:	3.8 to 1	0.8 to 1	2.6 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct):	71.4	29.3	47.8
– Strength Index Reading (3 Year Range):	Bullish	Bearish	Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index:	-14.0	14.8	-26.7

Article By InvestMacro – Receive our weekly COT Reports by Email

*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) were positioned in the futures markets.

The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators) as well as their open interest (contracts open in the market at time of reporting).See CFTC criteria here.

All information and opinions on this website and contained in this article are for general informational purposes only and do not constitute investment advice.

09 Jul

Middle East Tensions Weigh on Gold

By Analytical Department RoboForex

Gold fell to 4,032 USD per ounce on Thursday, marking its second consecutive day of decline. Pressure on the market intensified amid fears that a new escalation of conflict in the Middle East could disrupt energy supplies and accelerate inflation.

The US military confirmed that it has been striking targets in Iran for the second consecutive day, seeking to limit Tehran’s ability to threaten shipping through the Strait of Hormuz. In response, Iran has announced preparations for a large-scale operation against American military bases in the region.

US President Donald Trump stated that, in his view, the ceasefire has effectively come to an end. He also warned of the possibility of further strikes against Iran and the imposition of an additional naval blockade.

Additional investor attention has been drawn to the minutes from the Fed’s June meeting. They showed that only a small proportion of the regulator’s representatives advocated a rate hike as early as June, with most participants remaining concerned about inflation risks.

The market continues to price in at least one Fed interest rate increase before the end of 2026, which limits gold’s upside potential despite ongoing demand for safe-haven assets.

Technical Analysis

On the H4 XAU/USD chart, the market is trading within a consolidation range around the 4,090 USD level. A decline to 4,018 USD and a subsequent rise to 4,088 USD have been completed. A further move lower towards 3,930 USD is expected, followed by a potential rebound to 4,055 USD, with scope for an extension to 4,150 USD. The MACD indicator confirms the current downside momentum, with its signal line below the centre line and pointing firmly downwards.

On the H1 chart, the market has broken below the 4,090 USD level and is moving lower towards 3,977 USD. A wide consolidation range is forming around 4,090 USD. The Stochastic oscillator confirms this scenario, with its signal line below the 50 level and pointing downwards towards 20, indicating continued downside pressure.

Conclusion

Gold continues to decline as renewed Middle East conflict intensifies fears of energy supply disruptions and rising inflation. US strikes on Iran and Tehran’s threat of retaliation have escalated tensions, with President Trump declaring the ceasefire effectively over. Meanwhile, the Fed minutes revealed a cautious central bank, with only a minority advocating an immediate rate hike, while most members remain vigilant about inflation risks. Markets continue to price in at least one Fed rate hike before year-end, limiting gold’s appeal despite safe-haven demand. Technically, further downside towards 3,930 USD appears likely, with any recovery likely to be capped by ongoing geopolitical and monetary policy headwinds.

Disclaimer

Any forecasts contained herein are based on the author’s particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.

Financial News Metals

03 Jul

Gold Rises Sharply as Markets Reassess Fed Rate Outlook

By Analytical Department RoboForex

Gold rose to 4,177 USD per troy ounce on Friday, having gained more than 2% in the previous session. The primary driver of the recovery was US labour market data, which came in weaker than expected, prompting investors to scale back expectations for further Federal Reserve interest rate hikes.

In June, the US economy added only 57,000 new jobs, falling well short of the 110,000 forecast – the weakest result in four months. The unemployment rate ticked up to 4.2%. Earlier in the week, the ADP report also pointed to slowing private-sector employment growth.

Following the data release, the probability of a Fed rate hike in September dropped to approximately 50%, down from 67% before the report. Additional support for the market came from comments by Fed Chair Kevin Warsh, who noted easing inflation expectations while reaffirming the regulator’s commitment to price stability.

Reduced inflation risks remain a positive factor for gold. The restoration of commercial traffic through the Strait of Hormuz and progress in US–Iran negotiations have contributed to a further decline in oil prices, supporting sentiment towards the precious metals market.

Technical Analysis

On the H4 XAU/USD chart, the market is trading within a consolidation range around the 4,038 USD level and has advanced to 4,190 USD. A move lower towards 3,929 USD is expected, followed by a potential rise to 4,170 USD, with scope for the trend to extend to 4,400 USD. The MACD indicator signals weakening upward momentum, with its signal line above the centre line but pointing firmly downwards.

On the H1 chart, the market broke above the 4,141 USD level and moved higher to 4,190 USD. A decline towards 3,929 USD may follow, with a broad consolidation range forming around 4,060 USD. The Stochastic oscillator supports this scenario, with its signal line below 80 and pointing downwards towards 20, indicating increasing short-term downside pressure.

Conclusion

Gold has staged a sharp recovery following weaker-than-expected US labour market data, which significantly reduced expectations for further Fed rate hikes. The economy added just 57,000 jobs in June against a forecast of 110,000, while unemployment rose to 4.2%, reinforcing signs of a cooling labour market. Fed Chair Warsh’s comments on easing inflation expectations have further supported the case for a more cautious rate outlook. At the same time, progress in US–Iran negotiations and the reopening of the Strait of Hormuz have helped lower oil prices, improving sentiment towards gold. Technically, gold appears poised for a near-term pullback towards 3,929 USD before potentially resuming its upward trajectory.

Disclaimer

Financial News Metals

30 Jun

Gold Declines: Fed Policy and Geopolitics Weigh

By Analytical Department RoboForex

Gold prices fell below 4,000 USD per troy ounce on Tuesday, reaching their lowest level in nearly eight months. The precious metal remains under pressure amid expectations of further Federal Reserve tightening and ongoing uncertainty over the Middle East situation.

Since the start of June, gold has lost more than 12%, with quarterly losses estimated at approximately 15%. Markets continue to price in three Fed rate hikes for the remainder of the year, with the first potentially coming in September.

Investors are now turning their attention to the upcoming US labour market report, which could shape expectations for the Fed’s next policy steps.

An additional layer of uncertainty comes from US–Iran negotiations, which are set to resume today in Doha. Despite ongoing diplomatic contacts, the prospects for a long-term settlement remain limited, with control over shipping in the Strait of Hormuz remaining a key sticking point.

Technical Analysis

On the H4 XAU/USD chart, the market is trading within a consolidation range around the 4,017 USD level and has declined to 3,940 USD. A corrective move towards 4,016 USD (a test from below) is expected, followed by a potential decline to 3,885 USD, with scope for a further move to 3,810 USD. The MACD indicator confirms the current downside momentum, with its signal line below the centre line and pointing firmly downwards.

On the H1 chart, the market broke below the 4,017 USD level and moved lower to 3,940 USD. A corrective rebound towards 4,016 USD (a test from below) may follow before a further decline to 3,885 USD, with scope for an extension to 3,810 USD. The Stochastic oscillator supports this scenario, with its signal line below 50 and pointing downwards towards 20, indicating continued downside pressure.

Conclusion

Gold has fallen below 4,000 USD for the first time in nearly eight months, extending its losses amid expectations of further Fed tightening and persistent geopolitical uncertainty. Markets are pricing in three rate hikes for the rest of the year, with the first likely in September, while US–Iran negotiations in Doha offer limited prospects for a breakthrough given deep disagreements over shipping control in the Strait of Hormuz. Gold has now lost more than 12% since the start of June, with quarterly losses approaching 15%. Technical indicators point lower, suggesting further downside towards 3,885 USD and potentially 3,810 USD in the near term.

Disclaimer

Financial News Metals

25 Jun

Gold Falls to an Eight-Month Low: This May Not Be the Bottom

By RoboForex Analytical Department

Gold stabilised near 4,000 USD per troy ounce on Thursday but remained close to its lowest levels in almost eight months. The market continues to face pressure from a stronger US dollar and growing expectations of further monetary policy tightening by the Federal Reserve.

The US Dollar Index refreshed its highest level in more than a year, making gold more expensive for buyers using other currencies. This traditionally reduces demand for the precious metal.

Last week, the Federal Reserve left interest rates unchanged but signalled that it remained ready to tighten policy further. Fed Chair Kevin Warsh once again reaffirmed the regulator’s commitment to fighting inflation. The market is now pricing in a high probability of a rate hike as early as September, with the possibility of further moves before the end of the year.

Expectations of higher interest rates are currently outweighing the support that gold could have received from lower geopolitical tensions.

Progress in negotiations between the US and Iran helped oil prices return to the levels seen before the conflict and significantly reduced inflation risks. As a result, demand for safe-haven assets was left without strong support.

Technical Analysis

On the H4 chart of XAU/USD, the market formed a consolidation range around 4,099 and completed a downward wave to 3,960. We expect a corrective move towards 4,099, testing this level from below. After that, the probability of a new decline towards 3,869 may be considered, with the potential for the wave to extend to 3,828.

The MACD indicator confirms the current downward impulse. The signal line is below the central line and is pointing firmly downwards.

On the H1 chart, the market broke below 4,099 and completed a downward wave towards 3,960. Going forward, the possibility of a correction towards 4,099 may be considered, with this level tested from below.

In practice, a trend-continuation pattern is forming to the downside. After that, a decline towards 3,860 is expected, with the potential for the trend to continue towards 3,828.

The Stochastic oscillator confirms this scenario: the signal line remains below 50 and is under pressure to decline towards 20.

Disclaimer

Financial News Metals

22 Jun

Gold Falls for the Third Consecutive Week: Is There Still Upside Potential?

By RoboForex Analytical Department

Gold starts the week near 4,150 USD per troy ounce, its lowest level since 11 June. The precious metal has recorded a third consecutive weekly decline amid a stronger US dollar and growing expectations that the Federal Reserve may continue tightening monetary policy.

The US currency refreshed its yearly high after the Federal Reserve’s June meeting. Although the regulator left the interest rate unchanged, the updated forecasts proved much more hawkish. Nine out of nineteen FOMC members now allow for a rate hike before the end of the year. The market itself is already pricing in the probability of such a move by September at around 70%.

Persistently high interest rates usually weigh on gold. This is because the appeal of dollar-denominated assets increases, as do the opportunity costs of holding the metal. The key point is that gold does not generate coupon income.

Investors are also monitoring the geopolitical situation. Additional uncertainty was triggered by reports that the planned talks between the US and Iran on a final settlement of the Middle East conflict had been postponed.

Another negative factor for the gold market was Goldman Sachs’ decision to lower its year-end forecast for the metal from 5,400 to 4,900 USD per ounce. This added further pressure to quotes.

XAU/USD Technical Analysis

On the H4 chart of XAU/USD, the market formed a consolidation range around 4,216 and completed a downward wave to 4,121. We expect a corrective move towards 4,216. After that, the probability of a new decline towards 4,100 may be considered, with the potential for the wave to extend to 4,040.

The MACD indicator confirms the current downward impulse. The signal line is below the central line and is pointing firmly downwards.

On the H1 chart, the market broke below 4,200 and completed a downward wave towards 4,168. Going forward, we consider the possibility of a correction towards 4,200, testing this level from below. After that, a decline towards 4,100 is expected, followed by a rebound towards 4,200.

The Stochastic oscillator confirms this scenario: the signal line remains below 50 and is under pressure to decline towards 20.

Disclaimer

Financial News Metals

17 Jun

Gold Surges 2% Since Week Opening Amid Geopolitical Shifts and Fed Expectations

By RoboForex Analytical Department

On Wednesday, spot gold (XAUUSD) hovered near 4,342 USD per troy ounce, logging a solid gain of over 2% since the beginning of the trading week. The precious metal continues to find strong fundamental support as global market participants increasingly price in a potential landmark peace agreement between the United States and Iran.

The geopolitical breakthrough is expected to lead to the full restoration of oil shipments via the strategic Strait of Hormuz, substantially lowering broader market anxieties regarding a renewed global inflationary spiral. Analysts anticipate that both nations will sign an interim accord in Switzerland as early as Friday. Preliminary details suggest the document encompasses major economic concessions for Iran, most notably the lifting of restrictions on crude oil exports.

In parallel to geopolitical developments, global investors remain intensely focused on the upcoming Federal Reserve monetary policy conclusion. While the market is almost fully pricing in unchanged interest rates, significant attention will be dedicated to the forward guidance and press conference delivered by the newly appointed Fed Chair, Kevin Warsh. His perspective on the future trajectory of monetary policy will be vital in setting expectations for the remainder of the year.

It is worth noting that other major central banks have already delivered their decisions this week. The Reserve Bank of Australia (RBA) opted to maintain its benchmark cash rate at 4.35%. In contrast, the Bank of Japan (BoJ) delivered a historic 25-basis-point hike, pushing its key policy rate to 1.0%—the highest level recorded since 1995.

For the gold market, the primary macroeconomic drivers continue to revolve around global central bank rate expectations, the performance of the US Dollar, and the fluid situation surrounding the US-Iran accord. Should geopolitical tensions continue to dissipate, investor focus is highly likely to pivot entirely back to the Federal Reserve’s policy roadmap and long-term global inflation projections.

XAU/USD Technical Analysis

On the 4-hour chart, the XAUUSD pair has developed a distinct consolidation range centered around the 4,343 baseline level. The immediate tactical outlook projects a downside breakout from this range, targeting an initial drop toward 4,188.

Following the completion of this wave, the market may see a corrective recovery wave pointing to 4,277, before resuming its primary downtrend toward 4,088. The overarching trend continuation target sits at the psychological level of 4,000.

Technical Confirmation: The MACD indicator heavily supports this downward momentum. Its signal line is currently positioned at local highs well above the zero baseline and is pointing firmly downward, confirming a dominant bearish momentum.

On the 1-hour chart, the market has successfully breached the support baseline at 4,348 downward, completing an initial wave of decline toward the 4,308 mark. Looking forward, the intraday bias favors a brief corrective bounce toward 4,354 to test the broken level from below.

Following this potential retest, a continuation of the bearish structure is expected to target 4,188, with a subsequent corrective growth expected back to 4,270.

Technical Confirmation: This intraday scenario is further validated by the Stochastic oscillator, where the signal line remains suppressed below the 50 median mark and continues to face selling pressure, pointing down toward the 20 oversold threshold.

Disclaimer

Financial News Metals

14 Jun

COT Metals Charts: Speculator Bets led by Steel

By InvestMacro

Here are the latest charts and statistics for the Commitment of Traders (COT) data published by the Commodities Futures Trading Commission (CFTC).

The latest COT data is updated through Tuesday June 9th and shows a quick view of how large traders (for-profit speculators and commercial entities) were positioned in the futures markets.

Weekly Speculator Changes led by Steel

The COT metals markets speculator bets were overall lower this week as just one out of the six metals markets we cover had higher positioning while the other five markets had lower speculator contracts.

Leading the gains for the metals was Steel with a modest rise by 1,107 weekly contracts.

The markets with declines in speculator bets for the week were Copper (-4,383 contracts), Platinum (-2,200 contracts), Gold (-2,183 contracts), Silver (-1,712 contracts) and with Palladium (-958 contracts) also registering lower bets on the week.

Palladium and Copper lead Metals markets price changes

Leading the Metals markets this week in price performance was Palladium, which saw a rise by 4.57%. Copper came in next with a 3.18% gain. Steel rose by 0.64%, and Silver rounded out the gainers with a 0.37% rise.

On the downside, Gold fell by -2.39%, and Platinum showed the biggest decline on the week with a -2.77% drop.