The gold price remains in whipsaw mode

The gold market has been volatile of late, says John C Burford. And while that can be tricky to trade, it also presents opportunities for profits.

Today, I thought I would update the gold story, because it is showing further signs of whipsaw action and remains very tricky to swing trade.

But I believe the picture is getting a little less cloudy, and that's what I hope to show you today.

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(Contracts of 100 troy ounces)Row 0 - Cell 1 Row 0 - Cell 2 Row 0 - Cell 3 Open interest: 374,467
Commitments
188,98049,82721,619126,297275,229336,896346,67537,57127,792
Changes from 07/22/14 (Change in open interest: -31,150)
-8,855-1,862-9,867-8,512-19,771-27,234-31,500-3,916350
Percent of open in terest for each category of traders
50.513.35.833.773.590.092.610.07.4
Number of traders in each category (Total traders: 260)
12567644654202157Row 8 - Cell 7 Row 8 - Cell 8

John is is a British-born lapsed PhD physicist, who previously worked for Nasa on the Mars exploration team. He is a former commodity trading advisor with the US Commodities Futures Trading Commission, and worked in a boutique futures house in California in the 1980s.

 

He was a partner in one of the first futures newsletter advisory services, based in Washington DC, specialising in pork bellies and currencies. John is primarily a chart-reading trader, having cut his trading teeth in the days before PCs.

 

As well as his work in the financial world, he has launched, run and sold several 'real' businesses producing 'real' products.