One would guess that last weeks bullish action in gold will keep right on going, but the commercial hedgers don’t see it that way as they all added short positions last week. Even the Palladium hedgers made bearish bets last week with Platinum starting to be the exception.
I believe Platinum will eventually turn very bullish for a long-term bullish move, but any short-term downside can still happen.
Commercials are also building a large net short position in the US dollar, which would be very bullish for gold. 5 bearish COT reports may have more power over a single Currency at least in the short term. In typical fashion the speculators chased the golden bull as a run to safe-haven seems to be front and center. In the end, all emotional bullish moves come to an end as speculators always get into one trap or another.