Chart of the Week - Gold vs Bitcoin
This past Friday, the newest COT data was released and it showed an interesting trend among Large Speculators which are supposed to be trend followers for the most part. We saw LG Specs add significantly to their long position in Bitcoin and reduce their net-long position in Gold, which they have been doing or a few weeks now.
So it looks like they are counter-trend trading and trying to fade all-time highs in Gold and buy the dip in Bitcoin, which so far, has not turned out great. You can see the BTC chart on TradingView as we published the chart that highlights LG Specs positioning and price.
For now, Gold appears to have the advantage and better reward/risk to continue to rally since there is less crowding by Speculators to the long side.
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