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Last week's rally in the gold market emboldened the large speculators to increase their positions to nearly 5:1 on the long side by adding 120k new long positions over the last three weeks. This is the most bullish position the speculators have attained since March of 2018. Gold made the high for 2018 at $1,370 (GCJ18) in January and then failed miserably after a second speculative charge to $1,350 (GCM18) in April. Long-term back-adjusted charts show considerable resistance in the $1,410 to $1,425 area.
The gold miners have taken a different approach to this rally.