On 9/8/19 I posted that GLD had marginally exceeded the 50% retrace of GLD's 2011 to 2015 bear market. It looked like GLD could be in a decline down to the 130 to 134 area.
GLD made a bottom at 136 and, could within about a week - rally into .618 resistance at the 153 area.
Gold Seasonal patterns are bullish into mid-February then bearish into April.
So far weekly RSI, MACD, and Stochastic have bearish divergences.
The evidence from the Sentiment dimension for all three precious metals is very bearish.
The Commitment of Traders Report each week shows the net positions of the main trading groups; Small Traders, Large Traders, and Commercials.
The Commercials have the most knowledge and money - they are the group to follow.
Platinum is just coming off the largest Commercial net short position in 20 years!
Gold Commercials are close to their largest net short position in 20 year!
Silver Commercials are close to the largest net short position in 5 years!
Follow the money - the biggest money for precious metals are making big downside bets.
If GLD can rally into the 153 area within the next 5 to 10 trading days, it could be the best shorting opportunity since the major top made in 2011.
Mark
GLD made a bottom at 136 and, could within about a week - rally into .618 resistance at the 153 area.
Gold Seasonal patterns are bullish into mid-February then bearish into April.
So far weekly RSI, MACD, and Stochastic have bearish divergences.
The evidence from the Sentiment dimension for all three precious metals is very bearish.
The Commitment of Traders Report each week shows the net positions of the main trading groups; Small Traders, Large Traders, and Commercials.
The Commercials have the most knowledge and money - they are the group to follow.
Platinum is just coming off the largest Commercial net short position in 20 years!
Gold Commercials are close to their largest net short position in 20 year!
Silver Commercials are close to the largest net short position in 5 years!
Follow the money - the biggest money for precious metals are making big downside bets.
If GLD can rally into the 153 area within the next 5 to 10 trading days, it could be the best shorting opportunity since the major top made in 2011.
Mark