Interestingly, the goons backed off on gold but pressed silver from the short side.
Gold CoT sees large Specs less long and Commercials cutting back on net shorts. The issue here is that gold remains on a slight trend toward improvement but is not likely at the end of such a trend.
Silver CoT has the Specs covering shorts (now net long again) and Commercials logically taking the other side of the trade, increasing net shorts from their former – and rare – near net flat positioning. Open interest looks benign as it’s been unwound from a highly elevated level that I’d interpret as having meant conviction in the market (for good or ill). Silver still sits in an opposite trend condition to gold, possibly having just begun a new trend.
Monday was the puke day that unwound last week’s big upside burst in silver. The price eased a bit more after that. All in all, nothing alarming here and it still looks like a negative bias on gold and positive bias on silver.
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