Gold: Failed again. Short more reasonable than long
Gold against a currency Basket is trading since Feb/Mar within my suggested trading range (see chart attached). Following Points make me bearisch again:
1) Failed BreakOut out of LT Resistance and upward channel
2) We see lower Highs
3) COT Positioning extreme
Within last years it was always a good decision sell within the "Sell Region" (red) and buy in the "Buy Region" (green). Till we see a BreakOut (above 885-890) we have NO reason to believe in a new BullMarket. A correction back into the 780-800 Region seems to be more and more likely. With extreme COT Positioning even a "cascade selling" till the lower boundary may be possible but with the strong physical demand unlikely.
1) Failed BreakOut out of LT Resistance and upward channel
2) We see lower Highs
3) COT Positioning extreme
Within last years it was always a good decision sell within the "Sell Region" (red) and buy in the "Buy Region" (green). Till we see a BreakOut (above 885-890) we have NO reason to believe in a new BullMarket. A correction back into the 780-800 Region seems to be more and more likely. With extreme COT Positioning even a "cascade selling" till the lower boundary may be possible but with the strong physical demand unlikely.
