Hi Tex,
i think support is around $720 initially and then $695-$700 area. I would not be surprised if Gold tests that lower level in the next week or so, and technically it will take a break above $755 to make be more bullish on Gold.
Overall Gold has the tendency to drop hard when it starts to fall and with such a large commercial short position I would not be surprised if that was to happen this time around. Thats why I have lightened up on some of my Gold shares positions waiting for a better time to re-enter.
cot gold chart, page-10
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$62.69 |
Change
-0.990(1.55%) |
Mkt cap ! $12.15B | |||
| Open | High | Low | Value | Volume |
| $63.32 | $63.49 | $62.39 | $33.80M | 538.5K |
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| No. | Vol. | Price($) |
|---|---|---|
| 2 | 1702 | $62.46 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $62.72 | 22 | 1 |
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