This was a short one due to there not being a CFTC CoT Report update… (Funny how that works when the market rallies)— Which allowed us to discuss the significant Open Interest changes in more detail.
On March 1st Macro Discretionary bought heavy and fast into Gold. Between May 15th and June 27th, that same cohort took profits, but did very little damage to the price itself.
Now, as July begins, in a week where Unemployment upticks and Citibank releases a report calling for a total of 8 rate cuts, Macro Discretionary funds bought again.
What does that mean? It means someone is short again, and unless we retrace this rally quickly down $40 , there will possibly be short covering by a Bullion bank similar to what happened between March 27th and April 15th
