It's a unique possibility to lock out the USA brokers and traders of their gains and force them into losses in gold , gold miners and silver while they are relaxing at the beaches...
We had a super sentiment in gold , silver and miners last week. I was watching the precoius metal market till the end of the day. It was a "black Friday" shopping day. Traders were buying gold and silver till the last minute of the day. So they went into this weekend with preciuos metal longs.
Almost daily maximum close. Monday US markets are closed. I think the Euphoria will continue : tomorrow we will break the Brexit high (1358$) at the Asian session. On Monday night ( GMT ) we could reach the target price calculated from the (1390-1400$) - it's pulling up price like a magnet. Every short would be stopped out and by the time US markets are opened gold price would be below Friday's market close.
If we are tagging the 1390-1400$ level in the next 2 days I would take profit on the longs.
If we print the daily cycle top today or tomorrow morning (GMT) market will not let the USA traders to close their GLD and SLV positions at the daily cycle top, as we will have a gap down open.
We can head now to 1390-1410. (target price counted from the pennant pattern)
There will be our daily cycle top. (1390-1410)
The commercial net longs increased by 14.000.
In a normal case that would be very bearish. I dont know what happens if we break the brexit high...
They were holding through the brexit... The COT seems to be not working to predict the price change right now.