Following futures positions of non-commercials are as of November 1, 2016.
Gold: The $1,300-plus/ounce level has proven to be important, providing support in June through September this year. This support/resistance can be extended as far back as September 2010.
On October 4, once $1,300 was lost, spot gold collapsed 3.3 percent, followed by a long stretch of hovering around the 200-day moving average. Then came the liftoff. On Tuesday and Wednesday, gold rallied 2.8 percent to $1,308.2 – past the 50-day moving average but right at the said resistance.
A declining trend line drawn from the July high will be tested around $1,330.
On a weekly chart, there is room for the spot to continue to rally, but daily conditions are way overbought.
Flows are not cooperating. In the five sessions through Wednesday, gold rallied 3.3 percent, yet GLD, the SPDR gold ETF, saw activity only once – inflows of $109 million on Tuesday. From October 7 when the metal began to rally, it lost $107 million (courtesy of ETF.com).
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