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US GOLD Futures (GC) - Back Testing the Support Trendline ?
July 21 ( 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 9.1k contracts for a total of 156.9 contracts.
And from July 24 til July 29 , seasonality for Gold are bearish.
(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 21 with 1296.9 as the level to watch.
Want to learn more about Financial Iceberg Analysis and Views? Click HERE
And from July 24 til July 29 , seasonality for Gold are bearish as you can see in the chart below.
US GOLD Futures (GC) - Back Testing the Support Trendline ? $MACRO, $STUDY, $GLD, $GC_F