Article / 12 November 2012 at 9:50 GMT

Commodity Momentum: Gold and silver turning

Ole Hansen Ole Hansen
Head of Commodity Strategy / Saxo Bank
Denmark

Following the result of the US election last week we have witnessed a decent recovery in gold and silver which could see the negative momentum which has prevailed for 21 and 24 days respectively come to an end today. Platinum, although slowing, is not showing the same signs yet due to its recent underperformance while copper is still not showing much sign of slowing negative momentum with the net speculative positioning turning negative for the first time in two months.

The energy sector, apart from natural gas, has also seen its negative momentum slowing for a while now with gasoline currently on track to turn positive today. Meanwhile, the agriculture sector continues to see negative momentum with only the two wheat contracts showing positive tendencies as reduced supply and adverse weather continue to provide support.

Momentum indicator on major commodities

 

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