Here is a quick note about the bullish setup in the gold market.
Bullish Setup In The Gold Market
October 22 (King World News) – Here is a a quick note on the setup in the gold market from Peter Boockvar: For those paying attention to gold, the net speculative position as of last Tuesday according to Friday’s CFTC data went net long for the first time since August 7th (see chart below).
Gold Positions Remain At One Of The Most Bullish Levels In The Past 2 Decades
After nine weeks of shorts that got to the most since 2001, the net position went from 38k contracts short to 17k long. In mid August when the net short position was first established for the first time in 17 years, gold was exactly $1200 vs today’s $1226 level. Extremes in net positioning isn’t always a perfect contrarian sign but usually a good one.
ALSO JUST RELEASED: As Global Markets Brace For Another Wild Week, One Of The Greats In The Business Just Flashed This Major Alert On Gold CLICK HERE TO READ.
Adrian Day, Founder of Adrian Day Asset Management, discusses the gold and silver markets and much more and you can listen to it immediately by CLICKING HERE OR ON THE IMAGE BELOW.
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