In gold, the commercial net short position fell by a chunky 35,643 COMEX contracts, or 3.56 million troy ounces.
Buyers and sellers of gold and silver are sitting on the fence today. Both will be waiting for trend in London and USA.
Positions as of Tuesday, August 10, 2021.
$1790 area and above is where the resistances start from the moving averages.
Gold climbed back into the lower Bollinger band. Not a trend change, same with the silver markets.
“Taper Timing” is now the key theme which will dominate the trading headlines for the next two weeks.
Gold took a pause yesterday, the moving averages shows a bearish set-up. How can gold break this set-up?
One should trade very carefully within twelve trading sessions after any comex gold future expiry.
The dip in the gold price over the past few days doesn’t change anything on this long-term chart. The bottom line is this: As money, gold is clearly superior to fiat.
Gold stop losses got hit and the damage to charts has been done. Now gold has another problem..
