Uddrag fra finanshuse og MarketEar
The gold bull
Gold continues surging, trading well above the break out levels. We are in overbought land, but as we all know, things can stay overbought for longer than most think possible…especially post powerful break outs. There is a big trend channel worth pointing out. Plenty more to go should we try the upper part of that channel. Not impossible given the extraordinary taking place (more here). After all, gold is the everything hedge.
Source: Refinitiv
Gold in EUR
You know things are “dynamic” when the gold (in euros) chart looks like a small cap having profit warned to the upside. RSI overbought, but we have seen more extreme levels.
Source: Refinitiv
Why aren’t you long more?
Lot of bosses asking their PMs this question in gold. Net non commercials have bought, but could buy much more should real FOMO kick in.
Source: Refinitiv
Be a gold bro
Physical is the real deal these days…
Source: Refinitiv
Say it with options
That “gold trades with an upside skew” logic we have been pointing out for a few weeks is kicking in. Gold volatility has risen lately, but there is plenty to go should volatilities catch similar bids to previous melt ups in the underlying. Do not forget to roll those call spreads into higher strikes dynamically in order to capture max “options juice”.
Source: Refinitiv
CTAs in gold
They need to buy more of the shiny metal. BofA going into this week: “….our model projects that trend followers will pick up their pace of buying on all price paths next week.”
