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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 )
The Situation

​​​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.

Want to learn more about Financial Iceberg Analysis and Views? ​ ​Click HERE

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