kingworldnews.com
As
we come to the end of the first week of trading in the month of
December, there has been commercial and bullion bank short covering in
the gold and silver markets.
The following charts are from SentimenTrader.
The commercials have continued to cover short positions in the gold market (see chart below).
The commercials have also covered additional short positions in the silver market (see chart below).
The
COT report has not moved into a bullish position as of yet because the
commercials are still very net-short gold and silver on a historic
basis, but it is possible the gold and silver markets have seen their
bottoms. We will have to see how the metals trade in the coming weeks
and if they can break out of their respective downtrend channels.
Regardless, the sentiment is extremely negative and that is very
bullish from a contrarian perspective. If you are accumulating physical
gold and silver, just continue to purchase at the normal times each
month if you are dollar cost averaging. Stay disciplined and don’t try
to outsmart the market.
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