COT Report: Huge (20%) large spec gold futures short contracts jump. Net long position(now just 92.4K) only lower twice since late-2015 bottom. In early 2016 (when gold soared, & early July 2017(gold up $140oz +12% in 7 weeks). All other gold rallies began with higher long levels
Couple this with the extremely low sentiment for gold (at levels from which we've only seen significant rallies in recent years) and it tells us we're very close to a reversal and big rally. I'd guess no later than the Fed meeting in early June and maybe before.
Another thought: this week's gold bash-down early in the week was driven by shorts only as there was no large spec long reduction in the COT report (in fact a slight increase). Shorts eventually cover.
