Based on the Commitments of Traders data reported on: June 28th 2022
GOLD: Institutional traders have a NEUTRAL SENTIMENT.
Overview: Price consolidated before dropping on the weekly chart. We can see that the institutions reduced long positions lately for profit taking and short positions are slowly becoming more in the spotlight. Longs increased this past week from 268.1k to 268.7k and shorts increased from 104k to 111k. Retail traders have been led to buy gold so they are currently holding more long than short. We had a range on the 2H chart which broke to the downside giving us an indication of short-term direction which eventually was downside. We are currently testing the upper side of an ascending trend line on the weekly chart but this trend line will only be recognized as important by retail traders. With the current trend of profit taking and accumulation of short positions all evidence suggests more downside is coming.
SHERLOCK The 6 month chart is Uptrending. Sherlock suggests waiting for a weekly uptrend to form before considering long positions. If this trend is not formed we will likely see the monthly demand removed and price drop to the 6/12 month demand below the 1400’s.
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