Gold was overbought weeks ago, according to this measure

Gold was overbought weeks ago, according to this measure

From forex.com

Despite reaching a record high last week, momentum swiftly turned and gold closed the week with a bearish reversal candle (shooting star). Whist one bearish week is unlikely to spoil the trend, bullish fingers have been singed at the highs which means there may be some reluctance among bulls to simply jump back in. Besides, there are a couple of key points worth highlighting from the weekly COT report which point to resistance for bulls. At least over the near term. The traditional take on market positioning shows the rise of net-long and gross-long exposure increased in its intensity over the past couple of weeks, ... (full story)

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