Gold heavy selling but
Anxiety!
After 7 months of denial bulls are at a key point.
Checking the volume, price action, and COT, we can CLEARLY see that ~1500 is a price level where the big banks are buying
In ~June 2019 the net longs more than TRIPLED, then later on that second bump I marked on the COT chart, they went from 275K to 375K.
The price action does not make it look like it will bounce here.
It's like I explained in my Bitcoin idea about bottoms: They tend to form once the herd had a "sell everything now" moment.
First in the short term we could speculate on gold going up, then down
After this we don't try to catch the bottom, it's dumb
After 7 months of denial bulls are at a key point.
Checking the volume, price action, and COT, we can CLEARLY see that ~1500 is a price level where the big banks are buying
In ~June 2019 the net longs more than TRIPLED, then later on that second bump I marked on the COT chart, they went from 275K to 375K.
The price action does not make it look like it will bounce here.
It's like I explained in my Bitcoin idea about bottoms: They tend to form once the herd had a "sell everything now" moment.
First in the short term we could speculate on gold going up, then down
After this we don't try to catch the bottom, it's dumb
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