The gold futures have hit 13s on three time frames, something that rarely happens and presents a high probability of a reversal.
The DeMark sequentials have hit a 9 on the dailies…
Source: Bloomberg
…a 9 and 13 on the weeklies…
Source: Bloomberg
…and a 13 on the Monthlies!
Source: Bloomberg
In addition, sentiment seems a bit frothy with the Commitment of traders report showing that the large commercial dealers going short (smart money) and the small speculators (dumb money) going long.
Source: Sentimetrader.com
Given the DeMark signals, it would be worthwhile to at least trim your gold positions if your long, and not get caught up in the frenzy if your not.
Good call.
Any update now on Gold next move (Demark sequential daily/weekly/monthly) ?
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