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 .
The last Blees rating numbers (24) are showing that commercials are still heavily shorting the gold market.
This is the first week when commercial short position has been decreased. It is 42.000 less than last Tuesday.
The Blees were 24 Tuesday , it has been turning up (Last Tuesday it was 3) .
(I noticed when the blees is turning down from 100 or turning up from zero the real decline/ rally is getting started. )
The blees rating at 24 is still showing to the lower prices. When blees will be between 50-70 that will show that longer term direction change is coming.
Gold reports source: http://news.goldseek.com/COT/1464377478.php
Does the data in the report change your trade strategy for going long for a few days with the idea of gold bouncing up to ~1230? I followed your lead with closing half of DUST, as I felt we hit the DCL today after Yellen's comments. Mahalos from Hawaii