The Commitment of Traders report (COT) is published at the close of every Friday's trade and it always shows the Tuesday COT data.
The formula for Blees rating uses the Commercial Traders net contract holdings at the date of the current COT report.
We inserted the Blees rating into the daily chart .
The last Blees rating numbers (24) are showing that commercials are still heavily shorting the gold market.
This is the first week when commercial short position has been decreased. It is 42.000 less than last Tuesday.
The Blees were 24 Tuesday , it has been turning up (Last Tuesday it was 3) .
(I noticed when the blees is turning down from 100 or turning up from zero the real decline/ rally is getting started. )
The blees rating at 24 is still showing to the lower prices. When blees will be between 50-70 that will show that longer term direction change is coming.
Gold COT reports source: news.goldseek.com/COT/1464377478.php
The formula for Blees rating uses the Commercial Traders net contract holdings at the date of the current COT report.
We inserted the Blees rating into the daily chart .
The last Blees rating numbers (24) are showing that commercials are still heavily shorting the gold market.
This is the first week when commercial short position has been decreased. It is 42.000 less than last Tuesday.
The Blees were 24 Tuesday , it has been turning up (Last Tuesday it was 3) .
(I noticed when the blees is turning down from 100 or turning up from zero the real decline/ rally is getting started. )
The blees rating at 24 is still showing to the lower prices. When blees will be between 50-70 that will show that longer term direction change is coming.
Gold COT reports source: news.goldseek.com/COT/1464377478.php