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Hi there everyone,

Here is the latest COT data from July 24th.

heres the chart.

A picture paints a thousand words as they say.

Money managers have not been this short in over a decade!

There is a big move boiling up in GOLD right now, and the market is not prepared.

but then again, they never are!

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GOLD

[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_separator border_width="5"][/vc_column][/vc_row][vc_row][vc_column width="2/3"][vc_custom_heading text="30 min" use_theme_fonts="yes"][vc_column_text][/vc_column_text][/vc_column][vc_column width="1/3"][vc_custom_heading text="4 Hours" use_theme_fonts="yes"][vc_column_text][/vc_column_text][vc_custom_heading text="Daily" use_theme_fonts="yes"][vc_column_text][/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]My Bias: Long to a new all time high above 1827.
Wave Structure: Impulse structure to a new all time high.
Long term wave count: wave [iii] above 1666.

I am leaning towards the more bullish alternate count,
after the recent lows holding at 1217.
It is early days yet,
But,
we have a solid positive divergence on the 4hr chart and daily chart.
And,
Take a look at the recent COT data.
Last week, money managers reached a net SHORT position totaling -36,422 contracts.
That is a 50% larger short position than in December 2015.
That time GOLD rallied by 23% over the following 7 month period.

I expect more this time.

Tomorrow;
A drop in wave '5' pink is still possible, so watch 1211.89, the wave '3' low.
If the alternate count is going to take hold,
Prices needs to rally this week.

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If you want to be prepared for the next BIG move in GOLD,

Check out out membership offers,

For daily Elliott wave analysis on

GOLD, SILVER, S&P500, U.S10YR, USDFX RATES, CRUDE OIL and the DOW jones.

 

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