I am Bullish Mid-Long Term. And I have published an article on our website: Long Term Gold Forecast: Why I will continue to buy
Short-Term Fundamentals:
Gold Non-Commercial Speculator Positions:
Large speculators slightly raised their bullish net positions in the Gold futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.
The non-commercial futures contracts of Gold futures, traded by large speculators and hedge funds, totalled a net position of 200,724 contracts in the data reported through Tuesday, October 17th. This was a weekly boost of just 612 contracts from the previous week which had a total of 200,112 net contracts.
Speculative positions had declined for the previous four weeks before this week’s small rise. Total gold speculative bets have continued to remain above the +200,000 net contract level for nine straight weeks.
Gold Commercial Positions:
The commercial trader’s position, hedgers or traders engaged in buying and selling for business purposes, totalled a net position of -221,624 contracts on the week. This was a weekly advance of 1,373 contracts from the total net of -222,997 contracts reported the previous week.
Another Important Issue:
There are rumours spreading that the prime minister of Spain is going to take over the government in Catalonia as early as tomorrow as the latter has refused to cancel an attempt to become independent and break off from Spain.
If this event happens, it will throw the Eurozone into turmoil and you can be sure investors will be looking for safe-haven assets.
Indicators are bearish and telling us ” SELL THE GOLD”. XAUUSD ended the week at 1280 USD. It is below EMA 50,100,200 and Kumo. I will be watching my trend line and 1.276 USD.
A few hourly closings below 1.276 USD will confirm 1.265 – 1.260 USD levels. Price needs to make hourly closings above 1283.80 – Fib 23.6%, Tenkansen -. If it makes the hourly closings above 1.284, 1291 and 1296 will be tested.
The opening of the week is very important.Let's wait and see. Then we decide the direction of our short term trade
Short-Term Fundamentals:
Gold Non-Commercial Speculator Positions:
Large speculators slightly raised their bullish net positions in the Gold futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.
The non-commercial futures contracts of Gold futures, traded by large speculators and hedge funds, totalled a net position of 200,724 contracts in the data reported through Tuesday, October 17th. This was a weekly boost of just 612 contracts from the previous week which had a total of 200,112 net contracts.
Speculative positions had declined for the previous four weeks before this week’s small rise. Total gold speculative bets have continued to remain above the +200,000 net contract level for nine straight weeks.
Gold Commercial Positions:
The commercial trader’s position, hedgers or traders engaged in buying and selling for business purposes, totalled a net position of -221,624 contracts on the week. This was a weekly advance of 1,373 contracts from the total net of -222,997 contracts reported the previous week.
Another Important Issue:
There are rumours spreading that the prime minister of Spain is going to take over the government in Catalonia as early as tomorrow as the latter has refused to cancel an attempt to become independent and break off from Spain.
If this event happens, it will throw the Eurozone into turmoil and you can be sure investors will be looking for safe-haven assets.
Indicators are bearish and telling us ” SELL THE GOLD”. XAUUSD ended the week at 1280 USD. It is below EMA 50,100,200 and Kumo. I will be watching my trend line and 1.276 USD.
A few hourly closings below 1.276 USD will confirm 1.265 – 1.260 USD levels. Price needs to make hourly closings above 1283.80 – Fib 23.6%, Tenkansen -. If it makes the hourly closings above 1.284, 1291 and 1296 will be tested.
The opening of the week is very important.Let's wait and see. Then we decide the direction of our short term trade