The trends are not finished and so we’ve expected it to get worse before it gets better. And in gold especially, that is what went on as of Tuesday April 9. Commercials pressed the short side while the speculators, who will be positioned wrong at the next turn (as they were at the most recent turn), pressed the long side (options and futures combined).
Then what happened to the gold price on Thursday? Blammo! I look forward to covering my gold shorts (and adding miner positions) when the hyperbole of doom is being broadcast far and wide about the damn H&S that is only of short-term concern.
We will by the way, do some targeting for HUI and the miners in NFTRH 547. We already have solid targets for gold and silver.
Silver is also in line with our view that its CoT is not in as bad a shape as gold’s. Large specs were flat although Commercials net shorted and the small specs had a concerning jump in bullishness.
Here are the visuals for gold and silver from Cotbase.com. The trend in gold remained nowhere near complete and silver has a way to go too.
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