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gold price chart

Above is a Gold price chart which is also showing current COT data as of 05/08/16

The attached chart is highlighting that the Commercials are in fact NET short as we are approaching price levels that have not been seen since March 2014. What we find interested is that the commercials have not been this heavily NET short in the last 5 years. What does this mean to us as traders? Are they getting ready to price in another drop in gold prices to accumulate Longs before everything starts cooking in USA later in the year with US elections and BREXIT comes to a final decision? One this is for sure – we are in a risk on environment which is causing people to flock to buy up Gold, Silver.