Full Article: Gold – More Extremes in COT
By: Bob Hoye
The Downside Capitulation alerts in gold of July 17th-19th have been followed by a small bounce, capped with closes just under $1232. Last week saw new closing lows at $1205. This continues to have the makings of a classic undercut of support and a Wyckoff ‘Spring’ bottom (see 2016, 2015 and 1998 examples). Any daily close above $1232 should be followed by an initial rally that tests the 55-day simple moving average (currently $1262) within three weeks. There is the outside chance of a secondary rally from there that retraces 50% or 62% of the decline from $1360.
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