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Gold, Metals, Mining
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COT Chart Turning Up Nicely... The commercials have started increasing their shorts from a sub 130,000 short position. This usually indicates that a nice swing trade higher (roughly $100) has gotten started. We are also close to a seasonal bottom for gold (mid-June to early July). Looks pretty bullish to me. If we actually get above $1370 a bunch of technical momentum buyers will jump in (e.g. Chinese gamblers) and then the price of gold could really start hopping. MontyHigh  Green vertical bars indicate the times that the commercial shorts increased after falling to a reasonably low level. At this point I'm long gold futures on a swing trade that is roughly at the no profit point (see my other recent posts). I'm long roughly 30% of my networth. MontyHigh P.S., here's my previous chart (from May 6) on the COT:  |
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