Gold / US Dollar, Daily Chart Analysis 10/7
Implications and Outlook
As you can see on the chart small-scale and commercial speculators are net long price action between Mean Support $1183 and Mean Resistance $1207. Therefore the large speculators (i.e., hedge funds) are short Gold futures contracts in record volumes even though the scale of the bar seems to be trivial. Gold sentiment is without a doubt a lot more stagnated than it has been just before a severe blast higher which occurred in December 2015. But, record bearish market sentiment such as this by hedge funds is not going to be rewarded as usual - Stay tuned.
As you can see on the chart small-scale and commercial speculators are net long price action between Mean Support $1183 and Mean Resistance $1207. Therefore the large speculators (i.e., hedge funds) are short Gold futures contracts in record volumes even though the scale of the bar seems to be trivial. Gold sentiment is without a doubt a lot more stagnated than it has been just before a severe blast higher which occurred in December 2015. But, record bearish market sentiment such as this by hedge funds is not going to be rewarded as usual - Stay tuned.
Gold hit very sturdy Mean Support $1183, but it failed to break it, and a move below this price level would warn of a test of the Key Support $1174.