Gold Breakout Above $1275 Aided by Short Retail Crowd
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Gold – The fact that the retail crowd is net-short after Gold broke out of a recent range suggests that there may still be room to run higher.
Trade Implications – Gold: Gold had been trading between $1230 and $1275 for the last several weeks, and only once the range was broken to the topside did the retail crowd enter in short. Now as Gold flirts with $1300, we note that the crowd continues to reduce long positions and increase short positions. In line with positioning elsewhere, further US Dollar weakness stands to benefit Gold.
--- Written by Christopher Vecchio, Currency Analyst
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