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Gold COT Coming Home Late Summer

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JD400 Member Level  Tuesday, 05/21/19 12:09:06 AM
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Gold COT Coming Home Late Summer

gold and silver in sight

MMGYS


The Large Specs have suddenly become too bullish, which meant that

they needed to be disciplined. While COTs have doubtless improved as

a result of the drop on Thursday and Friday (we won’t find out until this week).

The Large Specs may require some more time in the correctional facility, especially as June and July are not seasonally good months for the Precious Metals, so it would not be surprising to see some more downside during the weeks ahead before both gold and silver take a turn for the better from July onwards.

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The following seasonal chart shows that June tends to be somewhat negative for gold on average, although it won’t be this year if Iran is attacked.

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The conclusion is that the big picture for gold and silver continues to look strongly positive, although we may first have to contend with weakness between now and July due to the current downtrend coupled with negative seasonal factors until the end of June, which should present a window of opportunity to build positions across the sector ahead of the expected late Summer advance that promises to be very substantial if gold succeeds in breaking above the key $1400 level.



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