Gold, Silver Momentum Confirmed, Oil Prices In Hormuz Risk
Gold closed at $4,694.00 on Tuesday, up 15.33% over the trailing month, and the positioning data behind that move looks like conviction, not chasing. CFTC data for the week ended August 18 shows managed-money net longs in COMEX gold at 222,189 contracts, up 4,249 from the prior week. That is a measured build in a market that just ran from a $4,033.70 low on August 3, and it is the kind of steady accumulation that tends to mark a trend rather than a blow-off.
For more on gold and silver momentum, see our analysis of bitcoin institutional flows .
Key Takeaways Gold futures closed at $4,694.00, up 15.33% on the month, with CFTC managed-money longs up 4,249 contracts to 222,189 for the week ended…
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