by David Brady, Sprott Money:
Gold remains mired in a range from 1167-1221 on the wide and 1184-1212 in a more recent narrower range. It has been stuck here since it bottomed at 1167 on Aug 16 th. This is despite an extremely bullish set-up from a technical (oversold), sentiment (overbearish), and positioning (record Spec shorts) perspective. Typically, when everything is bullish but we just go sideways, it’s a bearish signal. In the meantime, the risk of a move up to the 1230s remains, but I’m still looking for lower lows regardless of whether we get such a bounce or not.