Buying Opportunity In Gold Could Arise Before New Year’s

Gold is well on its way down to an important area of potential support around $1,000/oz; there is a great deal of confluence and price memory in the upper $900s/lower $1000s:

 

Gold (Monthly)

Gold_Monthly_11.28.2015

Throw in potentially extreme CoT positioning (the next CoT report from the CFTC will be released Monday afternoon) and favorable seasonality from mid-December through late-January and the ingredients exist for a tremendous buying opportunity in gold arising during the next couple of weeks.

 

Gold (Commitments of Futures Traders)

Gold_Daily_CoT

Gold_Seasonality