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Gold: Often, Simple Forecasting Tools Are All You Need

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


 

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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.

About Tim McMahon

Work by editor and author, Tim McMahon, has been featured in Bloomberg, CBS News, Wall Street Journal, Christian Science Monitor, Forbes, Washington Post, Drudge Report, The Atlantic, Business Insider, American Thinker, Lew Rockwell, Huffington Post, Rolling Stone, Oakland Press, Free Republic, Education World, Realty Trac, Reason, Coin News, and Council for Economic Education. Connect with Tim on Google+