GOLD - COMMITMENT OF TRADERS REPORT (7TH JUNE)
The Commitment of Traders report (COT) is published at the close of every Friday's trade and it always shows the Tuesday COT data.
The formula for Blees rating uses the Commercial Traders net contract holdings at the date of the current COT report.
We inserted the Blees rating into the daily chart .
The last Blees rating numbers (18) are showing that commercials were more heavily short in gold this week Tuesday than last week Tuesday. Commercial short position has been increased again: it's nearly 10.000 more than last Tuesday (347.662 ---} 356.632). What is more interesting that the net commercial short position increased by 30.000 because the long commercial contracts dropped by 20.000. ( Longs down by 20.000, shorts up by 10.000, so the net short position is up by 30.000)
The Blees were 18 Tuesday , it has been turning down again. The blees rating at 18 is still showing to the lower prices.
(When blees will be between 50-70 that will show that longer term direction change is coming.)
The blees rating at 18 means to me that gold is not ready for the next intermediate rally. Even if we don't have the panic selling at least we are going to go down to 1200 one more time in the following 2-3 weeks.
Gold_COT reports source: news.goldseek.com/COT/1465587152.php
Formula for counting the blees number:
Commercial shorts-commercial longs= X
X-last 2 years minimum X number=Y
Last 2 years maximum X- Last 2 years minimum X =Z
Blees= Y/Z*100
The formula for Blees rating uses the Commercial Traders net contract holdings at the date of the current COT report.
We inserted the Blees rating into the daily chart .
The last Blees rating numbers (18) are showing that commercials were more heavily short in gold this week Tuesday than last week Tuesday. Commercial short position has been increased again: it's nearly 10.000 more than last Tuesday (347.662 ---} 356.632). What is more interesting that the net commercial short position increased by 30.000 because the long commercial contracts dropped by 20.000. ( Longs down by 20.000, shorts up by 10.000, so the net short position is up by 30.000)
The Blees were 18 Tuesday , it has been turning down again. The blees rating at 18 is still showing to the lower prices.
(When blees will be between 50-70 that will show that longer term direction change is coming.)
The blees rating at 18 means to me that gold is not ready for the next intermediate rally. Even if we don't have the panic selling at least we are going to go down to 1200 one more time in the following 2-3 weeks.
Gold_COT reports source: news.goldseek.com/COT/1465587152.php
Formula for counting the blees number:
Commercial shorts-commercial longs= X
X-last 2 years minimum X number=Y
Last 2 years maximum X- Last 2 years minimum X =Z
Blees= Y/Z*100