But once you add in the 29,381 contracts currently held short by Ted's raptors, the commercial net short position in gold works out to 62.0 percent of total open interest, up from the 57.7 percent they were short in the prior COT Report.
I think we'll be seeing some very hot action in a number of sectors, especially the silver and uranium stocks. The SIL ETF is particularly exciting right now.
Today's payroll, followed by the CPI and PPI is the last dataset before the Fed decides on rate cuts. Gold typically enjoys the Santa Claus rally that begins mid-December.
The gold price is doesn't seem to be going anywhere. The market is trying to figure out what the next move is going to be. The current pattern is back to bullish.
Where problems will surface next remains to be seen, but the commercial real estate (CRE) sector is a prime candidate due to falling prices, falling demand, and rising interest rates.
As for gold, support is at about 2615.80, the 18-week moving average of closes. You have lost volatility, and the pattern is higher lows and higher highs.
