#Gold: currently trading around $1393/oz in European morning trading, failing to hold the $1400/

#Gold: currently trading around $1393/oz in European morning trading, failing to hold the $1400/oz level yesterday following renewed US dollar strength and a slight recovery in real yields. https://t.co/rIrc8tDXz6

Also, we saw the release of the COTR data yesterday evening, delayed due to the July 4 holiday. Net Managed Money net longs increased in the week to July 2 as gold was on its way to its recent (and six-year) high. https://t.co/unt5dvRryU

The increase in the net long #gold position, which at 1.2 million ounces was driven by a small increase in gross long holdings… https://t.co/YmFQxe9NWC

… and a slightly large decrease in gross short Managed Money #gold holdings.

Personally, I think the gross short chart, which shows almost the lowest level of shorts in the past few years, is the most striking of these charts. https://t.co/ZAMpaprCMV

Looking at Comex #gold open interest and price, its apparent that there has been little change in the rather elevated OI level since gold hit its recent high. Charitably viewed, it's possible a few new shorts came into the market, but a lot of gross longs are there too. https://t.co/oAFrJ29bcl

And while #gold ETF buying could replace Comex as a source of buying power, this month's flows (so far) have been two-way, in line with the price. https://t.co/Whpoa5j1CD

For the technically minded, one positive consequence of the retreat from the recent highs is that the 14-day RSI has dropped back from a very lofty high of 94 to current levels of about 57.

Best of luck! https://t.co/fKrH4UrqVh

As ever, we will continue to post updates on all things #gold to our #goldhub #blog, so do check in there from time to time.

https://t.co/Rmpct6B1Oz