I'm approaching this with the KISS method. The COT data is telling me that gold is at similar levels to previous peaks over the past year and should be heading down from here within a larger range. However, if gold does tackle overhead resistance then the past years' COT data becomes redundant as OI will explode higher in a new bull phase. To this point, the bull phase should last six months with obvious volatility along the way.
I took profits today because odds are with heading back down, however, I still left plenty on the table in case we shoot through resistance and the bull market of 2000-11 reignites with a spectacular boooooooom.
Break resistance and I'm long 100% in gold miners.
KISS and VIBE
Seth
COT Gold Charts 2.0, page-48
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