Gold: the Speculative Short Side is rather Crowded
I just received this: https://goldtadise.com/wp-content/uploads/2018/07/ChartWorks-GoldPotential-Spring.-07-29-18.pdf
Also: Gold** Weekly and Daily August 2018
Support 1200 plus/minus. Resistance 1245.8, closing basis. A likely wave objective for a wave-5 is the 1208.6 to 1214.8 range. The low thus far has been 1210.7. Prices, however have not shown any rush to depart current levels for higher ground.
The CFTC numbers tonight reduced the net commercial position from 57,019 net short one-week ago to net short 49,820 futures and delta weighted options. That position is down 84.2%. Based on a history of large liquidations of this hedge position, conditions are in place for a low. We cannot say the position will not be further reduced nor that prices cannot go lower, only that conditions favor a price low for gold.