hi Tex,
well we had a bit of a move lower in Gold last night but I dont think enough to satisfy the commercials and certainly I don't think enough for them to be able to get their short positions back.
Interestingly Gold appears to be trading in some sort of consolidation formation between 725/730 to 750. I'm guessing their will be a lot of stops below 720 and the commercials will try to set them off.
If the market though is strong and Gold can hold above 720 then we may see the shorts scramble to Buy Gold if it starts to move higher above 750.
However, my money at this stage is for Gold to test lower first.
cot gold chart, page-5
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$65.59 |
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