The Commitment of Traders report ( ) is published at the close of every Friday's trade and it always shows the Tuesday data. The formula for Blees rating uses the Commercial Traders net contract holdings at the date of the current report. We inserted the Blees rating into the .
Source : http://news.goldseek.com/COT/1478287895.php
The large speculators long contracts are increasing for the 3rd week : 274k->285k->288k (sum:+14k)
The large speculators short contracts are decreasing for the 3rd week : 95k->88k->73k (sum:-22k )
So the large speculator net short position decreased by : 36k.
The commercial net short position increased by (203k->217k->239k) 36k during the last 3 weeks.
So actually nothing happened. A few large speculators gave 36k contracts to the commercials.
It seems to me commercials are not in a big hurry to open shorts before the elections.
The commercial net short position needs to be above 300k and I even think closer to 400k before a decline can start... Also the blees should be between 10 and 0 when we start to fall. With blees 30 we can rally even 100$...
I think we are going to test at least 1343-1350 next week.
..and Trump is gaining momentum, the U.S. presidential race continues to tighten. By Tuesday it will be 50-50%.
Next up - French and German elections with side shows in Italy and other EU exits.