Gold Daily Video, 15 November, 2016

[Sive Morten]

Good morning,

Gold market could show minor bounce approx. to 1250 area within nearest sessions, but as it has not completed major target yet, later downward action should continue:




The technical portion of Sive's analysis owes a great deal to Joe DiNapoli's methods, and uses a number of Joe's proprietary indicators. Please note that Sive's analysis is his own view of the market and is not endorsed by Joe DiNapoli or any related companies.

 

[invest6300]

Thanks for dailly post. Seems many see not another downleg below 1212. I reviewed the Gold COT data from barchartdotcom. I see that the commercials closed a massive number of short positions going from -239251 (October 31 data) to -65785.(November 7, 2016 data). I do not know how to calculate the Blees score but this should be quite bullish now. Do you still expect that down leg with such data or is this to expect for the pull back for one last push down.

(PS possible option other option for COT data: Go to barchartdomcom, Go to futures. Go to Commitments Of Traders. Click on gold. In the legacy format, (upper) commercials includes swap dealers (who trade physical gold). In the disaggregated report (lower, newer format), swap dealers are separated from the commercials. Scan your mouse over the last futures on the right of the graph and it shows up as a popup. Other places like gold seek haven't posted it yet. This chart/site seems to update on Mondays.)