COT Gold Charts 2.0, page-15

Fantastic post from @ozpolarbear that summarises the current gold price well, if you haven't read it, then do yourself a favour and check it out. Considering ozpolarbear's post, I'll get straight to it and post the COT charts, which are showing a market close to bottoming out, US$1,180 has plenty of support going back years, while the gold price might see more pressure the COT's are pointing to a firming of price soon.



Raw data from the past two weeks: the large speculators decreased their overall long position by a whopping 37,873 contracts. As usual, the commercials did the opposite to their net short position and upped the anti, decreasing by 42,637 contracts - these are big moves on a weekly basis, the likes of which are rarely witnessed!



Rapid deleveraging of positions on both sides of the fence continuing!



My favourite chart, commercials changing position with haste as gold falls. If the commercials see gold much lower and are out for blood, this chart would not have contentious positive spikes over the past four weeks.



Large speculators are getting out and going short hard (grey bar)!

That's it - bottom in the gold price does look close, calling $1,180!?!

Cheers
Seth