“COT data for week ending 7/16 show Commercials added to their Net Short Position by ‐5,566 contracts. As for the Specs, they added +6,905 contracts, bouncing off the lowest Net Long position since 2005. It’s too early to tell of course, but the data may signal the bottom for Gold is in.
Looking at the Net Commercial position in relation to Open Interest (see below), we get a strong flashing buy signal at these levels. Again, too early to tell, but the data would certainly suggest a significant and extended rally is near.
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