The net commercial short position dropped by 20k again by last Tuesday. The number is 202.671. Not only commercial shorts decreased but also commercial longs increased last week...
The last time we had that low number of commercial shorts was at 2016.03.22. And at that time we were just starting this long term consolidation. The Blees rating is at 42. It's very close to the level which suggest a big direction change to the upwards.
It seems to me commercials are trying to get rid of their shorts in a big hurry. Even price was rising on Monday and Tuesday their short position still decreased. They are closing their shorts in the rally.
That is predicting a big rally in November maybe starting next week.
I will post a complex gold update tomorrow...
What's interesting though, miners especially juniors seem to be running already. My favorite IAG already advanced 30% from its Oct 7 low, running fairly close behind JNUG, which is triple leveraged.
But similar to science, we set conditions to invalidate ideas.
Your upper trend is rising and mine is falling so either wait to see lower highs or higher highs. We should find out fairly soon.
Net Prior Change Gross Change Gross Change
Gold 179.6k 195.2k -15.6k 274.3k -9.0k 94.7k 6.6k
Which means the short positions have increased by +6,6k and long positions have decreased by -9k.
Keep up your work. It is a pleasure to read your posts.