our whole macro data analysis not only help us to understand the bigger picture of the gold and silver market instead at the same time it also assist us to evaluate the overall U.S and other major economies,so ultimately it helps us to analyze the major stock indices, forex market, P. ms , and even cryptocurrency market to some extent.
According to the latest trade data from the Trading Commission (CFTC), hedge funds(smart money) have started to liquidate their bets.
The CFTC's disaggregated report, for the week ending Oct. 15, showed money managers dropped their speculative gross long positions in Comex gold futures by 17,989 contracts to 213,987. At the same time, short bets rose by 6,725 contracts at 38,200. Gold's net-long positioning currently stands at 175,787 contracts, down more than 12% from the previous week.
Along with gold , hedge funds continue to liquidate their bets in silver .
The disaggregated report showed money-managed speculative gross long positions in Comex silver futures fell by 3,686 contracts to 69,627. At the same time, short positions increased by 1,888 contracts to 28,995. Silver's net length currently stands at 40,632 contracts, also down 12% from the previous week.
We have also witnessed a significant breakdown in the dollar index last week when it plunged - 0.35%, with the index currently at 96.955. The weakness in the index supposed to lift the gold prices but it didn't, so it's safe to say that we would have sawed a significant plunge in the gold market if the dollar index hasn't been broken down last week.
we believe the next (downward)move in the gold and silver market could be significant and we could witness $1450-$1460 prices in the gold market very soon.