As gold breaks through death crosses and so forth, falling below $1600, sentiment against the precious metal is changing rapidly. People are more comfortable getting bearish on it.
Money managers held a record number of bets on lower gold prices on the main U.S. gold exchange, according to data released Friday by the Commodity Futures Trading Commission.
Hedge funds and other investment managers tracked by the commodity regulator boosted their bets on lower Comex-traded gold futures and options by 33%, to 65,617 contracts, during the week ended Tuesday. That is the most in weekly CFTC data going back to June 2006.
For more on the next direction for gold, check out this epic post from All Star Charts, examining the full gold technical analysis.
And see also: Two charts that explain why gold is falling >
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