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John Reade @JReade_WGC
, 3 tweets, 2 min read Read on Twitter
Gold: Its been a quiet move higher for gold over the past few days, but we are now sitting above the 50 day moving average (cash).

1/3
Gold: There has been little change in Comex #gold open interest over the past few weeks, suggesting the large gross shorts are still there (stubborn, aren't they).

2/3
Gold: Comex #gold volumes are unremarkable too.

A close above the 50 day moving average today could be a trigger for some short covering, but further price gains are probably needed to rattle the bulk of the shorts.

3/3
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Gold: Bit of a groundhog day today, gold at $1283/oz, slightly weaker in Asia trading overnight after talks of 'good progress' on US-China trade talks. US Equity futures modestly green and ETFs added gold again, now the eight straight day.

1/2
Gold: my technical analysis-minded frieds have noted that gold had done a lot, quickly, and that it would be healthy if the market saw a period of consolidation to let the RSI come lower - perhaps what's happening now is healthy.

2/2
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Gold: Considering that we had a very strong Employment Report out of the US on Friday, #gold performed pretty well over the past 18 trading hours. At $1291/oz at the time of writing it is some $15 above its post-NFP plunge and only about $7 below Friday morning's high.

1/6
Gold: This strength in #gold is not coming from US equity market fears, as US futures are roughly flat.

2/6
Gold: Rather it appears to be a combination of a modestly weaker US dollar, shown here as DXY over the past three days...

3/6
Read 8 tweets
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Gold: I find it ironic that that the government shutdown is making it 'harder' to trade #gold with confidence.

The CFTC's commitment of traders (COT) report is delayed indefinately while the US government is out of action.

1/3
Gold: Fortunately, Comex is not a government entity and continues to function. As you can see from here, open interest is reported daily and has increased quite a lot (4moz equiv) since 18 December.

2/3
Gold: Simplistically, with gold prices going up and OI up, speculators are likely adding to longs, driving the OI change and helping the price move higher.

I estimate the net managed money long is now at least 6.5 moz but could be more if short covering has happened too.

Ends
Read 4 tweets

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Folks, keep your cool, what's done is done. There's no ROI in whipping yourself, buckle down and move ahead. Don't get tied up with all the negative talk now that we are -8% in 8 days ($QQQ)
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