Gold may be in the first stage of a significant rally. Please click here now. Double-click to enlarge. Gold has burst out of the short term down channel, and the recent action of the ‘smart money’ commercial traders is very positive. Please click here now. This COT report for gold shows the commercial traders not only covering short positions in the latest reporting period, but also adding a nice number of longs! This is very encouraging news. Regardless, amateur gold enthusiasts need to buy dips and sell rallies, to mimic the smart money professional traders. On that note, please click here now. Double-click to enlarge. Gold has already rallied about $25 from the $1125 area lows, and the commercial traders are almost certainly booking partial profits now. As the saying goes, the early bird gets the golden worm! I have been getting emails from some gold community investors who are worried that the Indian government is conducting a ‘war on gold’. To a degree, that’s true, but all governments tend to prefer debt and fiat to gold.
This post was published at GoldSeek on 27 December 2016.
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