Volume & Flow for GLD:
(see last post for more explanantions)
COT REPORT on GOLD:
- We saw a price spike in Gold followed by some PUMP & DUMP which warns of profit taking
- The COT report as of Friday still shows an extreme SHORT position held by the Commercials
Conclusion:
- We could see some fairly impulsive action on the downside (unless we can somehow resolve this extreme COT situation)
- If Gold tumbles it could take the other markets hostage and indicate a (temporary) end to the carry trade (short US$ - long risk, like commodities, emerging markets etc.)
- Any weakness in Gold will also show as strength in the US$
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