Good Morning. #Gold is trading just below $1490/oz on Monday morning in Europe, showing further signs of consolidating, as it has done over the past week. 
The key question for me is how much more leveraged selling will take place in #gold.
The COT report shows that a decent amount of net managed money longs liquidated in the week to last Tuesday...
The COT report shows that a decent amount of net managed money longs liquidated in the week to last Tuesday...
...and since then further #gold long liquidation has probably ,taken place, as Comex open interest fell further last week.
But comparing to the last (financial) crisis suggests there could be more to come.
Net Managed Money longs fell to less than 200t in 2008, as the ellipse here shows.
Of course this may not happen this time, but the potential for further Comex liquidation shouldn't be ignored.
Net Managed Money longs fell to less than 200t in 2008, as the ellipse here shows.
Of course this may not happen this time, but the potential for further Comex liquidation shouldn't be ignored.
On a lighter note, I'm working from home now and have good access to all my files and Bloomberg so expect more graphic heavy tweet threads in days to come.
Best of luck!
Best of luck!
@threadreaderapp unroll
