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Gold – rally running out of steam?

By Ben Turney | Wednesday 2 July 2014


Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.


Just over a month ago I wrote about gold’s break to the downside. Since then, the precious metal found its footing at about $1,250/oz and then rallied quite strongly, in response to the Federal Reserve signalling that monetary policy could remain loose for longer than many expected. Gold now trades at $1,325/oz, last seen and I’ve just taken a look at the latest Commitment of Traders (CoT) report for gold to try and gain some insight into the strength of the move higher. I’m afraid things don’t look too positive and much will depend on whether more speculators can be tempted back into the market.


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