Gold and Silver CoTs will likely show continued improvement on Friday
As gold continues to break down from the beer flag its Commitments of Traders will likely show improvement on Friday, from an already improved reading last week.
Tuesday (today) is the day of data harvest and I am not sure if the data will be inclusive of today. But if it is, expect a nearly fully repaired CoT situation, with large Specs puking longs, Commercials covering shorts and the little guy digging a hole to China to hide in.
Everybody. Hates. Gold. Now… and that is perfect because that is the twisted way the gold market works. It’s most ardent supporters promoters need to be completely discredited before it will rally.
Charts courtesy of COTbase.
Silver is not quite as good, which makes sense because markets are addressing the inflation trades with this correction and silver logically benefited more than gold in the upside inflationary hysteria and stands to be more vulnerable as it hits a bump in the macro road.
For “best of breed” top down analysis of all major markets, subscribe to NFTRH Premium, which includes an in-depth weekly market report, detailed interim market updates and NFTRH+ dynamic updates and chart/trade setup ideas. You can also keep up to date with actionable public content at NFTRH.com by using the email form on the right sidebar. Follow via Twitter @NFTRHgt.
