The gold futures market took a big step towards bullish - or at least neutral - in the past week. Speculators (usually wrong at big turning points) scaled back their long bets while commercials (usually right at turning points) reduced their net short positions.
This is progress, but still leaves speculators long and commercials short. The message: Wait a few more weeks for 2019's best entry point.
But silver's story is a lot more interesting. In that market, speculators are now aggressively net short:
Here's the same data in graphical form, with silver speculator positions