Gold Market Update
By : Clive Maund
CliveMaund.com
¤----¤
The chances of gold breaking out to new highs in the near future are rapidly diminishing as the heavy hitters who have always prevailed up to this point are dramatically ramping up their short positions. Our COT chart shows a big increase in Commercial short positions just over the week up to last Tuesday to levels that in the past have preceded major reactions in gold. While there is still a fair chance of gold making a run at its highs over the short-term, there is considered to be very little chance now of a breakout to new highs, and any such advance towards the highs would likely be accompanied by a further ballooning of Commercial short positions to an even more extreme level that would all but guarantee a heavy reaction.
On the 6-month chart for gold we can see that the steep uptrend from its early July lows stalled out last week at a zone of resistance, with the uptrend being broken marginally late last week, by virtue of the price moving sideways. While this is increasing downside risk, especially given the aforement...
![](/style/all/img/mobile/connexion_bis.png)
Cet article est reservé uniquement pour les membres Premium. 75% reste à lire.
Je me connecte
24hGold Premium
Abonnez-vous pour 1€ seulement
Annulable à tout moment