Not overly pleasurable activity this week unless you subscribe to the idea that the CoT trends ended a couple weeks ago and have begun new ones. I’ll edit in visual graphics a bit later, when available.
[edit] Here are graphics from COTbase.com. Gold (1st graph) hit a viable reversal point between Commercials and Large Specs (although I’d have liked to have seen it go deeper) that could signal a rally. Silver’s CoT had been at a viable point for a few months. The caveat on both metals had been the little guy, who was too bullish. He got tamped down into this week’s data and that may be constructive for a moderate rally, although typically he needs to be in a bomb shelter prior to a real big move. We’ll see.
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