Is A Historic Upside Breakout In The Gold Bull Market About To Take Place?

kingworldnews.com

At the end of another record breaking week in the markets, is a historic upside breakout in the gold bull market about to take place?

But first, a quick update on how commercial traders are positioning themselves…

This is from Jason Goepfert at SentimenTrader:  “The latest Commitments of Traders report was released, covering positions through Tuesday. Hedgers moved to…record short exposure in cotton, crude oil and nearly silver (see charts below).”

All-Time Record Commercial Short Positions In Cotton

All-Time Record Short Positions In Crude Oil

Commercial Short Positions In Silver Near Record

If we take a look at what is happening in the gold market it is quite fascinating.  Commercials actually covered some of their short positions in the gold market in this week’s report (see chart below).

Commercials Covered Some Gold Short Positions

Is A Historic Upside Breakout In Gold Bull About To Take Place? 
 
King World News note:  If you  look closely at the chart above, unlike some other commodities where the commercials have piled in aggressively as prices have rallied, in the gold market we see no sign whatsoever of increased commercial shorting.  In fact, as mentioned earlier, there was a bit of short covering.  This suggests that there may be a great deal more upside in the gold market as well as the mining shares…