Silver is playing catch-up, but is still more likely to be weighed down by CTA selling activity over the coming week, TDS senior commodity strategist Daniel Ghali notes.
Silver fundamentals remain strong
“Our simulations of future prices continue to point to negative asymmetries in positioning risks over the coming week, with a big uptape required to prevent CTAs from returning to the offer.”
“Under the hood, this suggests that uptrend signals are naturally deteriorating, and in contrast to gold, Shanghai traders are now adding to their shorts following significant long liquidations that have greatly reduced the top traders' net position.”
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