Gold Tactics & Silver Set For Surge
By Stewart Thomson
Gold at $1800 was a touch “up there”, but in the bigger picture, the weekly chart is ultra-bullish. The commercials (banks) have added both longs and shorts, as of the Tuesday, November 8th cut-off date for the latest COT report.
Their action of adding some longs suggests they expected a short term move higher, which happened.
The heavy add of short positions suggests they understand that gold has ran about $270 higher, from $1530 to about $1805. It’s definitely not a time to be adding long positions for anything but a flip trade.