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Saturday, October 08, 2016 11:48:17 AM
* October 8, 2016
The following are futures positions of non-commercials as of October 4, 2016.
Gold: After making lower highs since reaching $1,377.5 on July 6 and testing support at $1,300 on three different occasions since that high, spot gold finally broke down on Tuesday, collapsing 3.3 percent.
There is solid support at $1,180, which goes back to November 2009. But the spot is seven percent away from that level – unlikely it gets tested anytime soon.
On Friday, the metal tested the 200-day moving average and closed below; GLD, the SPDR gold ETF, on the other hand, dropped all the way to $118.42 before reversing and closing up $0.08 to $119.74, above that average. The path of least resistance is up.
In the week ended Wednesday, GLD lost $50 million – not much given the sell-off on Tuesday (courtesy of ETF.com).
Predictably, non-commercials cut net longs by 15.9% – to the lowest since the record high 13 weeks ago. Medium-term risk is if these traders continue to reduce their holdings.
Currently net long 245.5k, down 46.4k.
http://www.hedgopia.com/cot-peek-into-future-through-futures-64/
• DiscoverGold
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Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
• DiscoverGold
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