Barrick Gold Corp (ABX)

[NYBob]

The latest COTs for gold are now quite bullish, with Commercial short
positions having been scaled back substantially and Large Spec long
positions having moderated substantially.
Should gold now suffer a severe decline, these positions can be
expected to get a lot more extreme, and should assist us
in calling the bottom....



The dollar had little or rather no role to play in gold’s breakdown,
as we can see on its 6-month chart. It appears to be topping out
beneath a “Distribution Dome”, a view which is supported by its
latest COT chart.
Actually it has dropped away from its Dome rather quickly towards
its rising 50-day moving average, so it is entitled to minor
relief rally soon before it heads lower.



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