turning off screen, page-7

Just found this chart from trader Dan on JS website which displays it more clearly that the table data from the COT report.
You will note that as of last Tuesday the Commercials had reduced their positions to less than 150K contracts, the lowest level in 12 months whcih concided with the rally last year from late Feb.


Now, the last week has seen the heaviest selling in Au so one must asume that the Commercials have contin ued to cover even further, so the likelihood is that they have reduced their overall positions to their lowest since the 2008 collapse of gold to $680.

If that is the case then the prospects for gold are wildly bullish and to selling here rather than buying is going to hurt enormously in the months ahead.

http://jsmineset.com/wp-content/uploads/2011/01/January2111COT.pdf