As we kickoff the trading week, the short squeeze in gold appears to have legs, plus silver bulls close to regaining the upper hand.
Silver
August 3 (King World News) – James Turk: Bulls in silver have held their ground in the $26.275-$22.46 battlefield (July 28th hi/low). $23 has been tested and held. That was a good show of strength. So let’s see if bulls can now build on that strength and gain the upper hand by probing resistance above $25+.
Support Holds, Silver Bulls Regain Upper Hand At $25+
Short Squeeze In Gold Appears To Have Legs
Alasdair Macleod: COT analysis: the box below shows the changes in non-spec and spec categories. Note how non-spec shorts reduced 50/50 between categories. Also note how managed money cut longs and added a few shorts. Clearly, they read the charts. (See below).
Managed Money are now 42% of the specs so not the main influence and effectively neutral. The swaps are still massively short – $52 billion gross, or $37 billion net of longs. In money terms they have made no progress despite the fall in open interest of 4,509 contracts…
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Conclusion:
Charts say gold overbought and due a correction. COT figures reveal otherwise with swaps being squeezed on bear positions and the real speculators, hedge funds, only neutral on OB/OS measure. This squeeze appears to have legs for a further move up in the coming days.
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