NFTRH has been noting throughout the gold sector rally that it was bulling with what was an expected ‘inflation trade’ bounce along with other ‘anti-USD’ stuff, namely commodities. This is not and has not been the gold sector’s preferred investment backdrop.
We have also been noting that the Commitments of Traders data needed to complete its trend toward improvement. While gold got very close (and remains in the better CoT structure than silver), silver never did complete the trend toward a low risk CoT setup. Then last week it went full frontal bearish, to the levels of previous silver price tops.
Here’s the chart (courtesy of COTbase.com) from NFTRH 344…
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