MidasTouchConsulting
Long

Gold - Weekly stochastic extremely oversold

FX:XAUUSD   Gold Spot / U.S. Dollar
When in doubt take a look at the bigger picture!

So far gold             has retraced a bit more than 38.2% of the rally from $1,045 to $1,375. This is the minimum condition for a healthy pullback. If it can hold around the current level ($1,250-$1,270) it is showing some real strength and hidden bullish divergence .
Looking at the slow stochastic it is extremely oversold and would need another two weak weeks before being able to embed. The much higher probability is a bounce in the next two weeks...
Comment: here is my latest newsletter with in-depth analysis for gold & bitcoin...
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Comment: commercials are now holding a much smaller short position at 1,273 (-217,599) than at $1,268 (-312,137) back in June .. ->> "a bullish divergence" in the Cot Report for gold...
commercials are now holding a much smaller short position at 1,273 (-217,599) than at $1,268 (-312,137) back in June .. ->> "a bullish divergence" in the Cot Report for gold...
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Only you and me was long today...
lol
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yes :-) but until US election might be difficult to break through $1,295/1,305.. we have to be patient..
I like the fact that our dear commercials are now holding a much smaller short position at 1,273 (-217,599) than at $1,268 (-312,137) back in June .. ->> "a bullish divergence" in the Cot Report for gold...
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