Jordan will be doing regular precious metal updates on each Thursday starting today. He gives us an overview of the latest COT results on his channel. The Net spec position is currently at an extreme.
For gold, there is resistance at the 1550 level and Fibonacci resistance at 1550. Gold is currently between support and resistance and a measured upside target of 1700. It may just keep running in spite of the COT spec positions. GDX & GDX.J are testing long term resistance.
Jordan Roy-Byrne, CMT is a Chartered Market Technician and member of the Market Technicians Association.. He is the publisher and editor of TheDailyGold Premium, a publication which emphasizes market timing and stock selection for the sophisticated investor, as well as TheDailyGold Global, an add-on service for subscribers which covers global capital markets.