COMEX traders dump shorts
 

"Got Gold Report - COMEX Large Commercial Traders Dump Short Gold Positions

By Gene Arensberg
14 Jan 2007 at 09:00 AM EST


HOUSTON (ResourceInvestor.com) -- The big news in this week�s offering of the Got Gold Report is the staggeringly high number of large commercial trader�s (LCs) collective net short positions (LCNS) that evaporated over the past two commitments of traders reports (COT) issued by the Commodities Futures Trading Commission (CFTC). As gold thrice tested key technical support near U.S. $607 last week, the COMEX LCs were in the process of dumping over one-quarter of their collective reported net short positions. That was as reported on Tuesday 1/9 well in advance of the Friday upward surge for the metal. Now the LCs are net short at a level consistent with the last (October) turning low for gold. Read more about that in the COT Changes section below.
'What may not be readily apparent to casual and non-technically minded observers is the potential for failed bearish technical signatures on short-term daily charts for silver, gold and mining shares, something suggested to look for in last week�s GGR offering. It would not take all that much follow through to the upside over the near term for the attempted reversal now underway to become very convincing. For gold short sellers that sold into what appeared to them as a clear technical break last week it already is convincing. Got gold?............................................. ......."

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Re: COMEX traders dump shorts
 

nice read

Thanks