On Thursday the RBA Governor speaks.COT data shows that large commercials very slightly increased their net long position from 82,795 to 84,684. We therefore continue to remain BULLISH.
CNY: Tuesday sees the release of the Trade Balance number thought to be a positive 48.6Bn up from last month’s 43.0Bn.
On Wednesday we have CPI which is expected to rise from 1.6% to 1.9%.
There is no COT data for the CNY.
OTHER COT DATA OF NOTE:
GOLD: We have been bearish for the last two weeks and justifiably so. This week we see that large commercials decreased their net short position slightly from 69,088 to 55,979. We therefore change our stance from BEARISH to SLIGHTLY BULLISH.
SILVER: We have been bearish for two weeks now and like gold we have been justified. Unlike gold however we have to remain bearish as this week we see that large commercials have slightly increased their net short position from 22,566 to 25,560. We therefore remain SLIGHTLY BEARISH in the very short term.
THOUGHTS FOR NEXT WEEK
This week is all about the FED and the Fed Fund Rate. Will they or will they not? That is the question.
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