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US GOLD Futures (GC) - Near my Weekly Support Trendline ?
July 28 ( 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 increased their long position from the past week by 3.3k contracts for a total of 160.2 contracts.
And from July 29 til August 9, seasonality for Gold are bullish.
(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 July 28 with 1291.6 as the level to watch.
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And from July 29 til August 9, seasonality for Gold are bulliish as you can see in the chart below.
US GOLD Futures (GC) - Near my Weekly Support Trendline ? $MACRO, $STUDY, $GLD, $GC_F