A lousy day wraps up a lousy week and, after reviewing the latest CoT report, it looks like there's more lousiness to come next week.
And it's not just the CoT. As of last evening, Comex gold reached its highest open interest total since late March of 2022. We know from the CoT that a lot of that OI is Spec cash on the long side so we can expect additional price weakness as we move toward the front month Aug24 contract expiration in 10 days.
So, anyway, back to the CoT. We usually close with the CoTs but today we're flipping the script. Why?
