Gold
First point, with producers open long that weak, it seems its expected to run up again.
Once producers will start to sell and hedge with longs (blue line needs to go up), then it could be the time to think about short
Second point, about the managed money, they are often wrong, and always wrong at the extremes.
If we look at their short position, its near 0, they are wrong so it could head down, but i'll wait for the producers to hedge long and it will be a good signal
Attached Image
First point, with producers open long that weak, it seems its expected to run up again.
Once producers will start to sell and hedge with longs (blue line needs to go up), then it could be the time to think about short
Second point, about the managed money, they are often wrong, and always wrong at the extremes.
If we look at their short position, its near 0, they are wrong so it could head down, but i'll wait for the producers to hedge long and it will be a good signal
COT: The precious data ignored