It has been so long that you may have forgotten how bull markets in gold operate. Because The Banks will always fight us tick-for-tick, you must never expect a straight up move. Instead, Comex gold will always move up in stages.
We've referred to this before as two-steps-forward-and-one-step-back. This can be day-to-day or month-to-month but the pattern will always be there. Something like:
- Gold rushes forward
- Specs go move heavily long while Banks increase the open interest and get short
- Momentum eventually slows
- Price rolls over...