August 19… 4:40 PM)
A quite day in NY.
Silver and copper extended their ranges higher again on typical low volume and OI. Gold dipped early in the session and recovered its all-time highs at midday. Open interest in Comex gold rose ca 24k lots or 2.4 mm toz. on Friday; respectable positive development albeit subdued by any historic measures. Silver is outperforming gold this month, nearly $3 off its lows of $26.63 => 11% in 8 sessions.
Technical indicators in copper (chart below daily data) are improving unevenly. DMI and the 45 bar slo-stoch are positive but prices are still range-bound and just today trading above the 200 MA for the first time in weeks. Volumes are still very low, and OI is still liquidating as of Friday’s settlement. I think OI will be higher tomorrow.
The dollar was weak with DXY falling > .550 pts. Pounds and euros are both in the upper decile of long time frame ranges. The truth of the matter about the Yen unwind/rewind is someone has to lose by gradualism or cold turkey, meaning USD or JPY. You can’t ride two horses with one ass no mater how slow you do it.
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