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November 21, 2016

#Gold & #Silver - Technically still weak

The net short gold position of

commercial dealers dropped to

a 35 week low as of November 15,

2016, but are still large. The large speculators

(hedge funds and managed money)

took their losses and the position is

the lowest since the middle of March.

However, historically these positions

are still large.


The KITCO Gold Survey (attachment 2)

shows a neutral short term picture (1 week).


The Gold Barometers show no oversold

position (attachment 3).


In silver, net commercial dealers only

reduced marginally the positions as did

the large speculators. The positions are

historically still very large.


The 30-minutes gold chart (attachment 5)

indicates that gold closed on Friday, at

4 pm New York time, at 1,208 per ounce

for a loss of $ 19 per ounce.


The gold continuous futures contract shows

that gold  held the 1,210 per ounce level for

already 3 times (attachment 6). The overall

picture is really not promising but gold might

try to rally again from the US$ 1,210 level in

the short term.


The Point&Figure chart of the Gold Bugs

Index (HUI) (attachment 7) shows that

chart completed a Head&Shoulder Formation

and broke through on the downside at 196.

Also the uptrend is broken (blue line)

Currently a triangle formation is in the

making. There is strong resistance on the

upside at 196 (currently 182) or about 7-8%






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