GOLDBUGS AMEX Goldbugs Index (GOLD)

[DiscoverGold]

Peek Into Gold Future Through Futures

* November 19, 2016

Following futures positions of non-commercials are as of November 15, 2016.

Gold: The metal has been through a lot in the last five weeks – first a loss of $1,300-plus support on October 4, followed by loss of 50- and 200-day moving averages as well as a slightly rising trend line from October 7.

Flows are not helping. In the week ended Wednesday, GLD, the SPDR gold ETF, lost $1.2 billion, as opposed to inflows of $419 million in the prior week (courtesy of ETF.com).

There is support at $1,180-$1,200, the upper end of which was tested three times this week. On a daily basis, momentum indicators are grossly oversold.

Currently net long 177.7k, down 39.6k



http://www.hedgopia.com/cot-peek-into-future-through-futures-70/

• DiscoverGold

Click on "In reply to", for Authors past commentaries