by Dan Norcini
To sum up my view of this week’s COT report in one word…. WORRISOME.
I use that word because of what we saw happen to the safe haven trades today on account of that monster rally in the US equity markets.
Gold was under pressure for the entirety of the session today but seemed to especially weaken into the late afternoon hours as the US equity markets kept pushing higher and went out near the highs of the day. That more than likely will translate into additional downside followthrough in Asian trade Sunday evening. Where it goes after that will depend on whether or not dip buyers show up.
Let me show you why I am concerned.