Last week (wk of 3/9) gold was BEARISH! This week we see similar changes, once again the Interbank/Commercial adds to their long positions while once again decreasing shorts. While Institutions once again decreased both long and short positions. Lastly open interest dropped 691.985k to 633.47k.
Also commercials have been heavily selling Gold since June 17, 2020. Thus as they continue to decrease their short positions now and increasing their long positions. Thus, we shall see the institutions liquidate their longs and begin stacking up on short positions.
Lastly, bullish momentum is dying on the monthly and the market is phasing into a bear move. However, at the moment volatility is still low and low volatility is representative of a confident market. Thus, as volatility increases provoking fear we will then see bearish momentum takeover.
Also commercials have been heavily selling Gold since June 17, 2020. Thus as they continue to decrease their short positions now and increasing their long positions. Thus, we shall see the institutions liquidate their longs and begin stacking up on short positions.
Lastly, bullish momentum is dying on the monthly and the market is phasing into a bear move. However, at the moment volatility is still low and low volatility is representative of a confident market. Thus, as volatility increases provoking fear we will then see bearish momentum takeover.
