Good Morning. #Gold is trading just below $1490/oz on Monday morning in Europe, showing fu

Good Morning. #Gold is trading just below $1490/oz on Monday morning in Europe, showing further signs of consolidating, as it has done over the past week. https://t.co/k5AzdCzSIV

The key question for me is how much more leveraged selling will take place in #gold.

The COT report shows that a decent amount of net managed money longs liquidated in the week to last Tuesday... https://t.co/eXhLVm4ZP0

...and since then further #gold long liquidation has probably ,taken place, as Comex open interest fell further last week. https://t.co/9q70md1P5e

But comparing to the last (financial) crisis suggests there could be more to come.

Net Managed Money longs fell to less than 200t in 2008, as the ellipse here shows.

Of course this may not happen this time, but the potential for further Comex liquidation shouldn't be ignored. https://t.co/PQtXByj0NG

On a lighter note, I'm working from home now and have good access to all my files and Bloomberg so expect more graphic heavy tweet threads in days to come.

Best of luck!