Gold made a move to the upside recently. As this took place the retail trader were adding to their short positions. Recently we speculated that the banks would drop price and lure retail to enter into long positions - this would have fueled a move higher which I thought would eventually lead to the drop I am expecting but instead they might be going straight for the setup for the drop now.
Let's keep in mind that the banks are accumulating a massive short positions on #gold. They've been steadily increasing their shorts over the last several weeks. So it's not like they just added short during the span of a few days, this has been a constant effort on their part to accumulate shorts. Remember this is all happening during a war, when retail usually buy gold.
You can see on the image at the top that we currently are hitting some supply but with retail positions currently at 70% short I don't think it's time for #gold to drop. We normally will see them bring it to 85% and higher before actually letting price drop in that direction.
So continue to watch and see how this unfolds. I'll continue to bring you the latest!