-- Published: Wednesday, 27 November 2019 | Print | Disqus
Jordan Roy-Byrne CMT, MFTA
The precious metals sector remains in a correction. The miners have shown some positive signs but are not ready to move yet because the metals likely have more correction ahead.
Technical support levels can provide us with low risk buy opportunities but combine that with sentiment data and we increase our odds of success.
One reason why the sector is stuck in a correction is because the net speculative position in Gold remains stubbornly high at 44% of open interest. Following interim peaks in the 2000s, the net speculative position usually fell to 30% and even 20% at times before Gold began its next impulsive advance.
We anticipate Gold will test $1400 and perhaps lower and that will clear out some of the specs.
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