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The CFTC's disaggregated Commitments of Traders report for the week ending May 14 showed money managers decreased their speculative gross long positions in Comex silver futures by 5,314 contracts to 60,206. At the same time, short positions fell by 188 contracts to 20,510. Commodity analysts at TD Securities noted market conditions that led to the silver breakout had been building for a while.
“Other than how impressive the bullish break has been, the other thing that stands out is just how overbought silver is using RSI on a daily timeframe, sitting at an eye-watering 79.74,” said David Scutt, Market Analyst at Forex.com. “To put that reading into context, there have only been four other occasions RSI has exceeded that level dating back to 2015, and on three of them, it coincided with a near-term peak.
The disaggregated report showed that money-managed speculative gross long positions in Comex gold futures fell by 7,088 contracts to 171,868. At the same time, short positions rose by 2,752 contracts to 41,433. At the same time, analysts note that weaker economic data is helping to solidify expectations that the Federal Reserve will cut interest rates potentially twice this year.
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