Gold commercial futures traders are ALWAYS net short, just a matter of how short they are.
As of last Tuesday, announced last Friday, they were about 220,000 net short. That is on the high side, thus indicating that we probably don't have a bottom in for gold.
Check out this chart from Breakpoint Trades
Keep in mind these are only for major tops and major bottoms.
I think we may swing down more
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Insightful and Useful Comment!