The Commitment of Traders report (COT) is published at the close of every Friday's trade and it always shows the Tuesday COT data. The formula for Blees rating uses the Commercial Traders net contract holdings at the date of the current COT report. We inserted the Blees rating into the daily chart .
The net commercial short position dropped by 20k again by last Tuesday. The number is 202.671. Not only commercial shorts decreased but also commercial longs increased last week...
The last time we had that low number of commercial shorts was at 2016.03.22. And at that time we were just starting this long term consolidation. The Blees rating is at 42. It's very close to the level which suggest a big direction change to the upwards.
It seems to me commercials are trying to get rid of their shorts in a big hurry. Even price was rising on Monday and Tuesday their short position still decreased. They are closing their shorts in the rally.
That is predicting a big rally in November maybe starting next week.
I will post a complex gold update tomorrow...
The net commercial short position dropped by 20k again by last Tuesday. The number is 202.671. Not only commercial shorts decreased but also commercial longs increased last week...
The last time we had that low number of commercial shorts was at 2016.03.22. And at that time we were just starting this long term consolidation. The Blees rating is at 42. It's very close to the level which suggest a big direction change to the upwards.
It seems to me commercials are trying to get rid of their shorts in a big hurry. Even price was rising on Monday and Tuesday their short position still decreased. They are closing their shorts in the rally.
That is predicting a big rally in November maybe starting next week.
I will post a complex gold update tomorrow...