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US GOLD Futures (GC) - Near my Weekly Support Trendline ?
August 4 ( From Barchart, David Stendahll )
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COT ( Commitment of Traders ) - Large Speculators
As we can observe on the graph below, Large speculators had one of the smallest position in Gold of the past 5 years at the end of 2013. They started buying back in June 2014 as shown by the chart below ( Green line )
Large and Small Speculators decreased their long position from the past week by 10.6k contracts for a total of 148.9 contracts.
And til August 15, seasonality for Gold are for a range trade.
(See second chart below)
Observe the falling weekly wedge pattern that started on October 2012. We did break the resistance trendline on the week of June 23 at 1316.7 ( closed at 1320 for the Q14 contract then ). That trendline becomes support for the week of August 4 with 1286.6 as the level to watch.
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And August 15, seasonality for Gold are fror a range trade as you can see in the chart below.
US GOLD Futures (GC) - Near my Weekly Support Trendline ? $MACRO, $STUDY, $GLD, $GC_F