the equal sharing of misery - thursday, page-5

over the last 3 weeks, the gold price has moved sideways whilst the open interest for futures contracts has fallen. that means the shorts are covering and taking their profits.

if gold was going to fall further, the open interest would be increasing and the contract months would be in a contango pattern. neither is the case.

so i think we're looking at a double bottom low at 1200, and then the bull resumes.