The bearishness is surprising and probably for the best in setting up a nicely large rebound here.
A washout is taking place, shorts are now .13% or 997k of shares issued, meaning they are at Dec 15 lows when RSG was near 22c.
Just a few forecasts:
Goldman technical anaysts suggest the nest leg higher for gold is to $1378...
Gold Daily – The setup here is looking a lot like USDJPY. It tested/held two equality targets from the April/June at 1,215-1,205. This implies that the pullback was in fact corrective/not impulsive. Daily oscillators have diverged positively from the bottom of their recent range. The break above 1,236 further confirms that the market is now rising in an impulsive (and has room to continue). The next level to focus on is 1,249 (1.618 off the July low/ 100-dma). As long as pullbacks avoid overlap with the Jul. 12th high at 1,226, the underlying bias should remain in favor of higher levels. It’s also worth considering the notion that Gold may be in the (C) leg of an (ABC) pattern which began in Dec. ’16. If that’s the correct interpretation, the next leg higher could eventually continue up towards 1,378. How price action develops at ~1,296 (double highs from April/June) will likely be critical.
View: Break of 1,236 opens an initial target at 1,249. Target/watch how price develops at 1,296.
COT
We have to wait but risk vs reward here looks increasingly excellent.
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Price($) | Vol. | No. |
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