ZeroHedge recently posted an article observing that the hedge funds in aggregate have a net short position in gold. This behavior has never occurred before in the time since hedge fund positions were being tracked; in fact, in previous times when the hedge fund net gold position was very low (but still long), that preceded large bull moves. The charts below illustrates.
In terms of price, gold is still in a downward channel, though is near the bottom of the channel. Traders may find an opportunity in buying now to target the top of the range. The weekly chart below illustrates.
In sum, we are seeing some signs of sentiment hitting a bottom while price offers some bullish formations on the chart. Personally, though, I think we may still be in for some further declines; I'd like to see price go rangebound for a bit, or break out of the channel to the upside, before feeling comfortable thinking that the bottom is in and an upwards trend may be ready to resume.
In terms of price, gold is still in a downward channel, though is near the bottom of the channel. Traders may find an opportunity in buying now to target the top of the range. The weekly chart below illustrates.
In sum, we are seeing some signs of sentiment hitting a bottom while price offers some bullish formations on the chart. Personally, though, I think we may still be in for some further declines; I'd like to see price go rangebound for a bit, or break out of the channel to the upside, before feeling comfortable thinking that the bottom is in and an upwards trend may be ready to resume.
Hedge Funds are Net Short Gold
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