Monday, May 23, 2005

Comex Gold Totals (COT Report) and US Dollar Fibonacci Level

The US dollar is at the Fibonacci level of 86.67, the .618 Fib percent retracement level.

On top of that bullish for gold point is that the Commercials at the Comex futures market in New York have the biggest short total since the bull market in gold started. On top of that, the spec funds at the Comex, who take the other side of the trade from the commercials, have the largest long totals since the bull market in gold started.
A chart of the commitment of traders net positions

It sure looks like something is about to give in the US dollar therefor in gold and silver.

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