I would call gold as my this year's worst trade since with the increased physical demand COT data are some bit of difficult to analyse. STRIKING this week a really significant long reduction by managend money... Striking a high net short positioning by commercials and Striking that the short term COT index (13 weeks) is in a sell signal region. Of course data were from last Tuesday before FED meeting. Striking that the dovish FED result (I can't understand it, but JY is maybe preparing for a Trump presidency and trying to keep her Job...) did not have that significant effect on an upward move of gold. I expect a downward move Mon/Tue till 1305-13015 and further staying in HOLD... If us perma bulls in Gold are lucky we will finally see significant decline allowing a significant decline of commercials net short % positioning and thus allowing the next upward movement in Gold. And always remember the one and only rule in Gold trading : "Commercials NEVER lose"!