Someone must bite the bullet and these are now the late bulls who were buying the breakout...
I haven' posted the numbers for a long time now...
The Commitment of Traders report ( ) is published at the close of every Friday's trade and it always shows the Tuesday data.
The formula for Blees rating uses the Commercial Traders net contract holdings at the date of the current report.
We inserted the Blees rating into the .
The last datas (0) are predicting that smartmoney is heavily shorting the gold market.
The commercial short position has been raised for a few weeks now. It was at 357.000 last Tuesday.
Gold couldn't fall because of the weak dollar, but now as the dollar is strengthening again gold willl start its decline after the first stage of this starting bull market.
The 50 was holding the price nicely but next week it will break down and we will be testing the 100 at 1193.
The next stage will be the 200 . I think that this decline will go at least to the 200 at 1174.
In an extreme case - depending on the strengthening dollar and a stock market rally to new highs- we can break below the 200 in the following 4-5 weeks.
IMPORTANT: The bull in gold has started. I'm not waiting for price going below 1050 in this decline. Though at the end of this correction we will have a lot of analysts calling sub 1000 $ gold prices again. That will be our holy grail buying opportuntity to a 1400$ gold by the end of this year.