In the following video by Elliott Wave International we will look at the gold price and “Commitment of Traders”
In 2017, Gold ‘s rally has stalled three times in April, June and August. With April and June’s price stalling at the same overhead resistance level. Back in August Elliott Wave TV said, When analyzing charts you may see a “double bottom” or “double top” but “triple tops” aren’t really a thing so we should see a breakout this time. And that is exactly what happened as gold was able to break through resistance in August.
Commitment of traders is a measurement of bullish and bearish conviction of traders. According to Wikipedia…
Commitments of Traders is:
The Commitments of Traders is a weekly market report issued by the Commodity Futures Trading Commission enumerating the holdings of participants in various futures markets in the United States. It is collated by the CFTC from submissions from traders in the market and covers positions in futures on grains, cattle, financial instruments, metals, petroleum and other commodities. The exchanges that trade futures are primarily based in Chicago and New York.
More at Wikipedia
Interestingly, the bullish sentiment among traders skyrocketed in August. But is this bullish or Bearish for the metal?
Gold: Often, Simple Forecasting Tools Are All You Need
By Elliott Wave International
3 Videos + 8 Charts = Opportunities You Need to See.Join this free event hosted by Elliott Wave International and you’ll get a clear picture of what’s next in a variety of U.S. markets. After seeing these videos and charts you will be ready to jump on opportunities and sidestep risks in some major markets. This free report (a $29 value) will present a unique outlook and give you a new perspective on the markets you won’t get anywhere else. |
This article was syndicated by Elliott Wave International and was originally published under the headline Gold: Often, Simple Forecasting Tools Are All You Need. EWI is the world’s largest market forecasting firm. Its staff of full-time analysts led by Chartered Market Technician Robert Prechter provides 24-hour-a-day market analysis to institutional and private investors around the world.
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