There are several sentiment(s) indicators and these one’s are very often calling for movements in advance especially when sentiments are at extreme levels.
For example, when more than 85% of the contributors are bullish on an underlying like the USD, the currency fall during the following period.
Today, we see a very pessimistic level on gold future (silver and so on), which let me think that the metal(s) is (are) not going to fall lower may be strongly rebounding. Only a few sellers left, the main part of them have sold or taken down side positions.
DSI (Daily sentiment Index : http://www.trade-futures.com/dsireport.php)
Today (August 15th) the level is very low on GOLD 6% bulls
For the Elliottists :
(Elliott wave : https://www.investopedia.com/articles/technical/111401.asp)
Never seen so many short positions (Managed Money)
We can also add the SP GSCI / SP500 ratio which is at lowest. This shows a entry point on commodities (the index is build like as follow: https://en.wikipedia.org/wiki/S%26P_GSCI)
Coming back on Gold, GLD SPDR https://en.wikipedia.org/wiki/SPDR_Gold_Shares is showing a buy zone.
Conclusion: gold rebound (and silver) are not so far.
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