It’s always better to look at the good, the bad and the ugly rather than turning away. So today we review the bad that got uglier this week. Further degradation is no surprise whatsoever considering the bullishness that was ongoing into today.
Gold’s Commitments of Traders is back to the levels of the spring (when gold’s bounce topped prior to new lows).
Silver’s CoT, spikier and funkier than gold’s, is too. Silver’s bounce topped in May as well.
These are short-term caution signals and should have been fully factored by players who do not want to be fully exposed to a correction (of mini or maxi variety). We posted worsening data 1 week ago and today it is worse still.
One note on this; CoT, like sentiment, is a condition to change not a pinpoint timer.
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