A third session of gains for New York which settled at 105.75 +105, while London was closed for their Summer Bank Holiday, reopening tomorrow to FND. For the first time since the 7th of August, and only 3rd time since May, KC managed to post a 3rd day of higher lows and high’s for cumulative gains tallying 485 points. Momentum off of Friday’s close was carried forward aided by PBOC support, positive NAFTA developments, a firmer Brazilian currency, and argumentatively, Friday’s COT report which showed funds carrying yet another record short of 106,105 lots, for a rather imposing record 28.58% of total open interest. Short term systems were the best buyers on the day while specs who bought the break to the $1 level were noted cautiously taking some profits.
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